Proceeds slated for acquisitions, working capital, project financing
By Devika Patel
Knoxville, Tenn., Sept. 28 - EGPI Firecreek, Inc. said it has negotiated a $50 million equity line facility with Dutchess Opportunity Fund II, LP.
Proceeds will be used to supplement acquisitions, working capital, finance projects already in hand and help facilitate the fulfillment of back logged orders in several of the company's subsidiaries.
"The securing of this equity line will enable us to realize the benefits of the growth we have been experiencing over the last 12 months," chief executive and chairman Dennis Alexander stated.
"As with any young company that has been experiencing exponential growth, working capital is the life blood for the success of its operations.
"We will now have the ability to execute critical parts of our business strategy which we expect will further enhance our business model [...] We have dealt with Dutchess several times over the past six years and chose them because we feel they are a market leader in equity line facilities," he added.
EGPI is an oil production company based in Scottsdale, Ariz.
| Issuer: | EGPI Firecreek, Inc.
|
| Issue: | Equity line facility
|
| Amount: | $50 million
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Fund II, LP
|
| Settlement date: | Sept. 28
|
| Stock symbol: | OTCBB: EFIR
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| Stock price: | $0.0009 at close Sept. 27
|
| Market capitalization: | $469,480
|
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