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| Home : Condor Establishes a US$10 Million Credit Facility |
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Jan 11
2017 |
Condor Establishes a US$10 Million Credit Facility |
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CALGARY, AB--(Marketwired - January 10, 2017) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to announce that it has entered into a loan agreement to establish a US$10 million secured non-revolving credit facility (the "Credit Facility"). Pursuant to the Credit Facility, Condor may borrow US$10 million in a single advance from the lender, (the "Loan Proceeds"). The Credit Facility bears interest at 14%, matures 3 years from the date the Loan Proceeds are received (the "Receiving Date"), provides for a one year repayment holiday whereby interest for the first year is due on the first anniversary of the Receiving Date followed by eight payments of US$ 1,250,000 of principal plus interest due quarterly in arrears. The lender will also receive a warrant certificate exercisable into one million common shares of Condor at price of CA$ 2.35 per share which will expire three years from the Receiving Date. Condor expects to receive the Loan Proceeds in January 2017, the receipt of which is subject to certain customary conditions precedent including, but not limited to, the execution of various security documents. |
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| Source:http://www.marketwired.com/mw/release.do?id=2187572&sourceType=3 |
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