EMERALD BAY ANNOUNCES NEW CREDIT FACILITY
Jun 06 2017
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company”or“Emerald Bay”) today announced that the Company has entered into a Loan Agreement (the “Loan”) with L&K Tire Inc.(the “Lender”). The aggregate credit facilities under the Loan provides for the ability of Emerald Bay to borrow up to $6,225,000. The Loan will have an interest free period until October, 2017 at which point the Loan will bear interest at a rate equal to the Prime Rate plus 1.5% per annum. The Loan shall be payable upon demand being made by the Lender. The Loan is secured over all the assets of the Company.
The initial proceeds of the Loan will be used to repay existing loans and payables, totaling approximately $1,925,000, to KD Lendingco Ltd. and Tire Oil & Gas. The balance of the Loan, approximately $4,300,000 will be used for future acquisitions of oil & gas interests in South Texas and Alberta.
The Loan is subject to the acceptance of the TSX Venture Exchange.
Emerald Bay is also pleased to announce that it recently became a member of the 8020 Connect community. 8020 Connect (www.8020connect.com) is the investment industry's newest social investor network, developed to deliver corporate information to shareholders, investment industry experts and like-minded investors, while enabling these group members to interact with one another and with the Company's management team.
Through the 8020 Connect shareholder and investor network, Emerald Bay can communicate its corporate message and update advancements and financial information to all shareholders and investors in a timely and effective fashion. The 8020 Connect social media component provides direct interaction with shareholders, allowing the Company to respond to questions and inquiries directly or through our private investor group forums. The 8020 Connect network will also allow Emerald Bay to expand its audience to interested investors and industry experts worldwide.
ABOUT EMERALD BAY
Emerald Bay Energy Inc. (EBY)is a diversified energy company with oil producing properties in southwest Texas as well as natural gas and electricity generation projects in Central Alberta, Canada. EBY is the operator of the Wooden Horse and Nash Creek Projects in Guadeloupe, Texas, where the Company currently owns a 27.78% working interest in those projects. In addition, the Company has numerous non-operated working interests in oil and gas properties in Central Alberta. The common shares trade on the TSX Venture Exchange under the symbol "EBY". Please visit www.ebyinc.com for more detail.
For further information, please contact:
Emerald Bay President, Shelby D. Beattie, (403) 262-6000, firstname.lastname@example.org
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.