By Devika Patel
Knoxville, Tenn., Aug. 17 - European Gas Ltd. said it entered into a A$10 million five-year equity line of credit agreement with Yorkville Advisors LLC.
The company may set a minimum acceptable price and will pay a 4% commission on each tranche.
Proceeds will be used for working capital, outsourcing and other manufacturing improvements, including capital expenditures and debt repayment.
Based in Paris, European Gas explores for commercial coal bed and coal mine methane deposits in Europe.
| Issuer: | European Gas Ltd.
|
| Issue: | Equity line of credit
|
| Amount: | A$10 million
|
| Tenor: | Five years
|
| Warrants: | No
|
| Investor: | Yorkville Advisors LLC
|
| Fees: | 4% on each tranche
|
| Pricing date: | Aug. 17
|
| Stock symbol: | Australia: EPG
|
| Stock price: | A$0.25 at close Aug. 17
|
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