American Petro-Hunter Inc announces launch of USD10m credit facility.
M2 EQUITYBITES-July 10, 2012-American Petro-Hunter Inc announces launch of USD10m credit facility(C)2012 M2 COMMUNICATIONS http://www.m2.com
E&P oil company American Petro-Hunter Inc (OTC BB:AAPH) reported on Monday the execution of a USD10m, three-year credit facility with ASYM Energy Partners LLC and its affiliates (ASYM).
The credit facility is secured by all of American Petro-Hunter Inc's assets.
According to American Petro-Hunter Inc, the loan proceeds will be used to fund the development drilling of oil properties located in central Oklahoma as well as for acquisitions, repayment and working capital.
In conjunction, ASYM will advise American Petro-Hunter Inc in operational, technical, engineering and financial matters. American Petro-Hunter Inc's USD2.7m liabilities were either forgiven or exchanged for common stock and it has received its 6% overriding royalty interest held by convertible debenture holders.
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|Date:||Jul 10, 2012|
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