Butte Energy Inc. Announces Debt Financing
July 15 2011 - 5:00PM
PR Newswire (Canada)
CALGARY, July 15, 2011 /CNW/ -- TSXV ticker symbol: BEN /Not for
distribution to U.S. Newswire Services or for dissemination in the
United States. Any failure to comply with this restriction may
constitute a violation of U.S. Securities laws./ CALGARY, July 15,
2011 /CNW/ - Butte Energy Inc. (the "Corporation") (TSXV: BEN) is
pleased to announce that it has borrowed $4,500,000 from Mr. Victor
Redekop, Chairman of the Corporation. The loan is unsecured,
bears interest at prime plus 3% and is due and payable together
with the accrued interest on July 31, 2013. $2,700,000 of the
proceeds from the financing will be used to retire in part amounts
currently owed to Mr. Redekop and Sand Hills Energy Inc., a
corporation controlled by Victor Redekop. The remainder will
be used for working capital by the Corporation. Information
Regarding the Corporation The Corporation is an emerging oil and
gas company engaged in the exploration for and development and
production of oil and natural gas reserves in Western
Canada. The Corporation's common shares trade on the Exchange
under the symbol "BEN". Cautionary statements This news release
contains "forward-looking statements" within the meaning of
applicable securities laws relating to the proposal to complete the
Acquisition, including statements regarding the timing of the
Acquisition and receipt of regulatory approvals. Readers are
cautioned not to place undue reliance on forward-looking
statements. Actual results and developments may differ materially
from those contemplated by these statements depending on, among
other things, the risks that regulatory approval will not be
obtained in a timely manner or at all. The statements in this news
release are made as of the date of this release. The Corporation
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of the Corporation, the
Acquisition, the Assets or the Corporation or Sand Hills respective
financial or operating results or (as applicable), their
securities. Neither the TSX Venture Exchange, Inc. nor its
Regulation Service Provider (as that term is defined under the
policies of the TSX Venture Exchange) has in any way passed upon
the merits of the Proposed Acquisition and associated transactions
and has neither approved nor disapproved of the contents of this
press release. To view this news release in HTML formatting, please
use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/15/c5802.html p
bButte Energy Inc./bbr/ Victor Redekop, Chairmanbr/ (403) 541-5310
/p
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