6% short-term loan due 2016 was accompanied by 738,000 common shares
By Devika Patel
Knoxville, Tenn., Nov. 19 – Renaissance Oil Corp. said it secured a $20 million credit agreement with Sprott Resource Lending Partnership.
The 6% senior secured term loan facility matures on Feb. 29, 2016. Sprott also received 738,000 bonus common shares.
Proceeds will be used to acquire Pemex project assets in Mexico.
The White Rock, B.C., company is developing a diversified shale and mature fields portfolio.
| Issuer: | Renaissance Oil Corp.
|
| Issue: | Senior secured term loan facility
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| Amount: | $20 million
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| Maturity: | Feb. 29, 2016
|
| Coupon: | 6%
|
| Warrants: | No
|
| Investor: | Sprott Resource Lending Partnership
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| Pricing date: | Nov. 19
|
| Stock symbol: | TSX Venture: ROE
|
| Stock price: | C$0.28 at close Nov. 18
|
| Market capitalization: | C$12.73 million
|
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