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NG ENERGY ANNOUNCES CLOSING OF FINANCING AGREEMENT OF UP TO US$100 MILLION WITH MACQUARIE GROUP WITH AN INITIAL ADVANCE OF US$40 MILLION
NG ENERGY ANNOUNCES CLOSING OF FINANCING AGREEMENT OF UP TO US$100 MILLION WITH MACQUARIE GROUP W...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n \n \n \n NG ENERGY ANNOUNCES CLOSING OF FINANCING AGREEMENT OF UP TO US$100 MILLION WITH MACQUARIE GROUP WITH AN INITIAL ADVANCE OF US$40 MILLION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n The Company has received an initial advance of\n \n US$40 million\n \n pursuant to the terms of the Financing resulting in reduced company leverage, a fully funded development plan and additional available committed liquidity for future development.\n \n \n \n \n The Company has obtained an LC Facility of up to\n \n US$13.6 million\n \n from Macquarie Group, which will be used to guarantee work commitments under the Company's contracts with midstream partners and with the ANH.\n \n \n \n \n \n Brian Paes-Braga\n \n is appointed as CEO; former CEO,\n \n Serafino Iacono\n \n , becomes Co-Chair of the Board.\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 25, 2024\n \n \n /CNW/ -\n \n NG Energy International Corp.\n \n (\"\n \n NGE\n \n \" or the \"\n \n Company\n \n \") (TSXV: GASX) (OTCQX: GASXF) is pleased to announce that further to the Company's press release dated\n \n February 8, 2024\n \n , it has obtained financing under the credit and guarantee agreement (the \"\n \n Credit Agreement\n \n \") with Macquarie Group (\"\n \n Macquarie\n \n \") for a financing of up to\n \n US$100 million\n \n of which\n \n US$50 million\n \n is committed funding (the \"\n \n Financing\n \n \").\n \n \n \n \n \n \n \n \n \n The Company has received an initial advance of\n \n US$40 million\n \n pursuant to the terms of the Financing, with the remaining\n \n US$10 million\n \n in committed funding to be advanced to the Company on a date to be determined pursuant to the terms of the Credit Agreement (the \"\n \n Loans\n \n \"). The Company intends to use the net proceeds of the Loans to: (i) simplify the Company's capital structure; (ii) optimise the Company's balance sheet; (iii) reduce the overall leverage of the Company; and (iv) for general corporate purposes as the Company continues to develop its asset base. The additional\n \n US$50 mil...