Niko Resources Ltd. Announces Loan Agreement for $60 Million
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 07/12/13 -- Niko Resources Ltd. ("Niko" or the "Company") (TSX: NKO) is pleased to announce today that it has entered into an agreement for a US$60 million loan (the "Loan") to be funded by a group of institutional investors.
The Loan will bear interest at 7.00% per annum, payable quarterly, and will mature on July 17, 2015 with no scheduled amortization. The Company has the right to prepay the Loan after one year without penalty. The Loan will be guaranteed on an unsecured basis by the Company's subsidiaries that directly or indirectly own the Company's interests in the D6 Block in India and will secured by pledges of the shares of the Company's subsidiaries that own the Company's interests in the NEC-25 Block in India and two blocks in Indonesia.
Niko estimates the net proceeds from the Loan will be approximately US$52.5 million, after deducting the original issue discount and the estimated related expenses payable by Niko. Under the terms of the Loan, the net proceeds can be used for funding of working capital requirements, with drawdowns to occur in separate tranches on or before July 31, 2013.
In connection with the Loan agreement, the Company has also signed exploration option agreements granting farm-in options to the investors' nominee to (i) receive a five percent working interest in each of the two blocks in Indonesia, after payment of five percent of the costs incurred in the applicable block(s) or (ii) receive a specified cash payment if a commercial discovery is made with the initial well(s) drilled in the applicable block(s) and the optionee elects not to exercise its farm-in option in the applicable block(s).
Forward-Looking Information
Certain statements in this press release constitute forward-looking information. Specifically, this press release contains forward-looking information relating to the drawdown dates of the Loan. These forward-looking statements are based on certain key expectations and assumptions of management. The reader is cautioned that the assumptions used in the preparation of such forward looking information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors and such variations may be material. Niko makes no representation that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.
Contacts:
Niko Resources Ltd.
Edward Sampson
Chairman of the Board, President & CEO
(403) 262-1020
Niko Resources Ltd.
Glen Valk
VP Finance & CFO
(403) 262-1020
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Datum: 12.07.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 277867
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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