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| Home : CYGAM Energy Announces Financing Update |
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Apr 15
2014 |
CYGAM Energy Announces Financing Update |
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CALGARY, ABLERTA--(Marketwired - April 14, 2014) - CYGAM Energy Inc. (the "Company" or "CYGAM") (TSX VENTURE:CYG) has executed an amended Revolving Promissory Note (the "Amended RPN") with a major shareholder and director of the Company. Under the Amended RPN, the Company has available up to $4.5 million, to be drawn down as required by the Company. At this time, the Company has drawn $2.4 million on the facility. The Amended RPN is currently unsecured and other terms include a term to January 1, 2015, interest payable at a rate of 2.00% per month, payable upon maturity, and a covenant to pledge the common shares of Cygam Energy Italia S.p.A, a wholly owned Italian subsidiary of CYGAM, as security for the Amended RPN (subject to approvals required by the Company). The Amended RPN is a "related party transaction" for the purposes of Multilateral Instrument 61-101, however, the Company is exempt from seeking minority approval. |
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| Source:http://www.marketwired.com/mw/release.do?id=1899442&sourceType=3 |
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