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| Home : FairWest Energy Announces Change of Bank |
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Feb 28
2012 |
FairWest Energy Announces Change of Bank |
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CALGARY, ALBERTA--(Marketwire - Feb. 28, 2012) - FairWest Energy Corporation (TSX VENTURE:FEC) ("FairWest" or the "Company") announces that the Company has agreed to a $7 million demand revolving credit facility ("Facility") from the Bank of Montreal (the "Bank"). The Facility bears interest at a floating rate of the Bank's prime lending rate + 2.5% per annum. The Facility will be secured by a General Security Agreement over FairWest assets and a letter of guarantee ("Guarantee") arranged by a significant shareholder. The Company expects to negotiate an appropriate fee in consideration for providing the Guarantee. The Company and the Bank are completing the requisite documentation and on conclusion, will repay the amount due to its current lender. |
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| Source:http://www.marketwire.com/mw/release.do?id=1625601&sourceType=3 |
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