ACES Revolver Drawn
Sydney, Nov 22, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) (BCGYF:OTCMKTS) ("Buccaneer" or "the Company") is pleased to advise that today it has drawn US$3.6 million from its US$25.0 million ACES Revolver. The ACES Revolver is a facility that was put in place between the Company and Chicago based Victory Park Capital Advisors, LLC ("Victory Park") to fund qualified ACES expenditure prior to the receipt of the actual rebate from the state of Alaska.
The above US$3.6 million draw is against qualified ACES expenditure in respect to the Kenai Loop # 1-4 well, the ACES Revolver with Victory Park is now drawn to US$6.4 million.
The Company recently received a payment of US$820,000 and is shortly expecting to receive a payment of US$3.8 million from the state of Alaska for ACES rebates, these amounts were and will be used to repay existing drawn amounts on the ACES Revolver.
On receipt of the above US$3.8 million ACES payment from the state of Alaska, assuming no further draws are undertaken, the ACES Revolver will be drawn to approximately US$2.6 million.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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