Nextraction Energy Corp. (TSX VENTURE:NE) announces that it has entered into an amending agreement to extend the principal repayment of its non-revolving term loan facility (the "Loan Facility") with Tallinn Capital Mezzanine Limited Partnership ("Tallinn"). Tallinn has agreed to waive monthly net sales production minimum requirement and minimum current ratio requirements which the Company had been in default of until September 30, 2013. Furthermore, subject to the debentures proposed to be offered pursuant to the Company's recently announced proposed short form prospectus offering (the "Offering") being subordinated and postponed to the Loan Facility on terms acceptable to Tallinn, the successful completion of the Offering and the Company not otherwise being in default under the Loan Facility, Tallinn has also agreed to waive requirements to repay the Loan Facility from proceeds of the Offering beyond the first $2 million of the principal amount owing under the Loan Facility on the earlier of September 30, 2013 or the closing of the Offering.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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Source: http://feeds.oilvoice.com/~r/NorthAmericaHeadlines/~3/zIBJwgYDmvI/5e16e3a57250.aspx
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