Albania, Canada: Pennine Petroleum Corporation secures credit facility for up to C$1M
, InvestorsPennine Petroleum Corporation is pleased to announce that the Corporation has entered into a Credit Facility for up to C$1,000,000. Funds used as part of the Credit Facility will be used to advance certain oil and natural gas projects in Canada and Albania.
This Credit Facility has been provided by Inclusive Energy Ltd., a Canadian-based oil and gas subsidiary of the Habib Group. The Credit Facility can be drawn by mutual agreement, with written notice given by the Corporation. Any funds drawn down as part of the Credit Facility will be subject to an agreed-upon interest rate. Repayment terms and conditions will be determined if and when any funds are requested as part of the Credit Facility.
“Pennine is pleased to announce this Credit Facility, as it will provide management with the confidence to accelerate the development of Pennine’s assets in Canada and Albania,” says N. Desmond Smith, Pennine’s Chief Financial Officer.
“This will ensure that Pennine’s ongoing investment program in accretive energy projects will remain on course in this current period of economic opportunity,” adds Mr. Smith. “The Corporation is well positioned to take advantage of the current business climate for both oil and natural gas, domestically and internationally.”
Mr. Bilal Hydrie, a Pennine director and the president and CEO of Inclusive Energy Ltd., says: “I am pleased to be working with Pennine on the further development of the Corporation’s assets, and I fully approve of this business initiative.”
source: marketwierd.com
LATEST NEWS
- June 14, 2023 The Serbian Institute for Critical Materials launches a regional mining platform for knowledge exchange
- April 24, 2023 Without sustainable mining, there is no renewable future
- March 25, 2023 Europe revives mining to reduce dependence on the import of key raw materials
- March 8, 2023 Calcium Carbonate Industry, Reshaping the Market Growth, Serbian supplier to match European industrial demand
- August 13, 2023 Environment South East Europe Watch temporarily suspends the activity
- August 9, 2023 Regional Coalition Aims to Protect Up to 400 Kilometres of Rivers Across Southeast Europe
- August 9, 2023 Meeting Serbia’s Energy Needs: A Smart Siting Map for Solar Power