Business
Fairmount announces increase in bank lines from $9.25 million to $14 million.
Fairmount announces increase in bank lines from $9.25 million to $14 million..
About this update from Fuerte Metals Corporation
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES OF AMERICA./\n\n\nCALGARY, June 27 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the\n"Company") (TSX-V - FMT) is pleased to announce it has renewed its revolving\noperating demand loan with a Canadian chartered bank providing an increased\nline for up to $10,000,000 in funds for general corporate purposes, including\ncapital expenditures.\n\n\nIn addition to the operating demand loan, Fairmount has also renewed with\nthe same Canadian chartered bank, an increase in its non-revolving acquisition\nand development demand loan for up to $4,000,000. This facility is available\nto Fairmount for the acquisition of producing petroleum and natural gas\nreserves and/or the development of proved non-producing or undeveloped\npetroleum and natural gas reserves. Based on prior engineering review,\n$3,150,000 of this facility has been made available to the Company for\nimmediate drawdown.\n\n\nSecurity for the loans includes a General Assignment of Book Debts and\nfloating charge over all of the assets of the Company with the bank having the\noption to receive fixed charges on producing properties upon request. Both\nloans are subject to an interim review by October 1, 2007 and an annual review\nby August 31, 2008.\n\n\nFairmount is an emerging junior oil and gas exploration, development and\nproduction company with oil and gas properties located in Alberta, Canada.\nAdditional information regarding Fairmount can be found at their website\nwww.fairmountenergy.com and on sedar at www.sedar.com.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\n","length":1809,"tagName":"div"}]