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| Home : Condor Receives US$10 Million Loan Proceeds |
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Feb 02
2017 |
Condor Receives US$10 Million Loan Proceeds |
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CALGARY, AB--(Marketwired - February 01, 2017) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to announce it has received the US$10 million loan proceeds (the "Loan Proceeds") from the recently established secured non-revolving credit facility (the "Credit Facility"). Pursuant to the Credit Facility and in conjunction with receiving the Loan Proceeds, Condor issued to the lender a warrant certificate exercisable into one million common shares of Condor at CA$ 2.35 per share on or before January 31, 2020. The Loan Proceeds will be used to fund capital expenditures related to drilling, infrastructure and workovers at the Company's 100% owned Poyraz Ridge field in Turkey and for general corporate purposes. Construction of a gas facility, multi-well drilling and completion program and a sales pipeline continue on schedule and first gas from Poyraz Ridge is targeted for mid-2017. |
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| Source:http://www.marketwired.com/mw/release.do?id=2192750&sourceType=3 |
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