Business
Blackpool completes re-financing
Blackpool completes re-financing.
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Dec. 28 /CNW/ - Blackpool Exploration Ltd. (the \"Company\" or\n\"Blackpool\") (BPX.A - TSX Venture Exchange) announces that the Company has\nentered agreements to borrow a total of $2,000,000.00 for the purpose of\npaying out an existing bridge financing. The Company has borrowed\n$1,800,000.00 from The K2 Principal Fund L.P. (\"K2\"), an Ontario limited\npartnership and $100,000.00 from each of Ronald W. Shepherd and Garry T.\nTether who are directors of the Company. The loans bear interest at 12% per\nannum and will be payable on or before June 22, 2006. As security for the loan\nfrom K2, the Company has granted a debenture covering all assets of the\nCompany and of the Company's wholly owned subsidiary, C2 Energy Inc. The\ndebenture is subordinated to the security interest of Blackpool's principal\nlender, ATB Financial, which has provided a $3,100,000.00 operating line of\ncredit. The loans from the directors are unsecured and the directors have\nexecuted postponement agreements in favour of both ATB Financial and K2. In\nconsideration of the loan, the Company has issued to K2 a total of 400,000\nfree-trading common shares, subject to a four (4) month hold under applicable\nsecurities laws.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this Release.\n\n\n\n","length":1389,"tagName":"div"}]