Cancoil Integrated Services Inc. Announces Closing of Bank Financing.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Jan. 3, 2001 Arthur E. Dumont, Executive Chairman of the board of directors of Cancoil Integrated Services Inc. (CDNX CDNX See Canadian Venture Exchange (CDNX). :CAN.), is pleased to announce it closed a financing with the National Bank of Canada This article is about a commercial bank. For Canada's central bank, see Bank of Canada. National Bank of Canada (Banque Nationale du Canada) TSX: NA is the sixth largest bank in Canada, and so is one of the Big Six banks. ("NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. ") in which NBC will make available an increase in long-term credit facilities in the amount of $9,000,000. Additionally, Cancoil's operating line of credit was increased from $1,000,000 to $3,000,000. As at December 31, 2000, the total long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of Cancoil was $8,211,000 comprised of $6,711,000 of National Bank debt and $1,500,000 of convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. debt with ARC Canadian Energy Venture Fund. The proceeds of the financing, combined with the $5,000,000 private placement announced on October 24, 2000, will be used for the construction of eight new Cancoil coiled tubing units and two fully integrated one load mud systems. The coiled tubing units will be constructed by Maritime Hydraulics Canada Ltd. of Calgary with delivery of the first unit in June 2001 and the eighth by September 2001. The mud systems will be constructed by HRI HRI Horse Racing Ireland HRI High Resolution Instrument HRI Human-Robot Interaction HRI Hellenic Resources Institute (Greece) HRI Human Rights Internet (Ottawa, Canada) Oilfield, L.P. of Texas with delivery in April 2001. Cancoil currently operates eight coiled tubing units, six in Canada and two in the United States. This order will double Cancoil's fleet size to 16 units. The mud systems will expand the company's service offerings to include grassroots drilling. Further, we are pleased to advise that Cancoil Integrated Services Inc. has recently been classified as a Tier 1 company by the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) ("CDNX"). Tier 1 is the premier tier of CDNX and is reserved for the most advanced companies listed on the exchange. Cancoil Integrated Services Inc. and its U.S. subsidiary, Technicoil Integrated Services Inc., supply drilling and service operations to the oil and gas industry in North America utilizing patented coil tubing equipment and new technology. This equipment performs underbalanced, directional and vertical drilling, coil fracturing, perforating, production logging and stimulations. Cancoil Integrated Services Inc.'s common shares are listed on the Canadian Venture Exchange under the trading symbol "CAN". Information about Cancoil's technology can be obtained from our website at www.cancoil.com. |
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