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Pulse Oil Corp. Announces Facility Agreements Totaling $2,250,000
VANCOUVER, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) -- Pulse Oil Corp. (“ Pulse ...
About this update from Pulse Oil Corp.
[{"type":"text","content":"Pulse Oil Corp. Announces Facility Agreements Totaling $2,250,000\n\n\n\n VANCOUVER, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) -- Pulse Oil Corp. (“\n \n Pulse\n \n ” or the \"\n \n Company\n \n ”) (TSXV: PUL) is pleased to announce that Pulse has entered into two loan Facility Agreements (the “\n \n Facility Agreements\n \n ”) with related parties to the Company (the “\n \n Lenders\n \n ”), whereby the Lenders have agreed to loan to the Company (collectively, the “\n \n Loans\n \n ”), in aggregate, the sum of $2,250,000 (the “\n \n Principal\n \n ”).\n \n\n Pursuant to the Facility Agreements, the Loans will be made available in tranches of $1,125,000 primarily to fund the Bigoray EOR project’s solvent injection program. The Facility Agreements provide that the principal bears interest at the rate of 15% per annum (the “\n \n Interest Rate\n \n ”), compounded monthly, with fixed partial interest payments being made on a quarterly basis starting on September 30, 2025 in the amount of $10,000 with the remaining interest and Principal being repayable on the earlier of June 4, 2027.\n \n\n In conjunction with the Facility Agreements, Pulse has entered into a general security agreement with the Lenders whereby Pulse grants, assigns, mortgages, pledges, charges, and grants a security interest to, and in favour of the Lenders in the undertaking of the Company and in all present and after acquired property of Pulse and its 100% owned subsidiary, Pulse Oil Operating Corp., until such time as all obligations owed to the Lenders have been satisfied.\n \n\n In connection with the Loans, Pulse will pay an establishment fee to the Lenders in the amount of $112,500, being 5% of the amount of each Facility (collectively, the “\n \n Fee\n \n ”), to be added to the Principal and bearing interest at the Interest Rate.\n \n\n The Company intends to use the net proceeds of the Loan to purchase solvent for injection at Pulse’s 100% owned Bigoray enhanced oil recovery project (the “\n \n EOR Project\n \n ”), with injection expected to start in Q2 of 2025.\n \n\n The Loans constitute a “related party transaction” as that term is defined in Multilateral Instrument 61-101\n \n Protection of Minority Sh...