Mart Resources, Inc.: Term Loan Facility Increased to $175 Million
February 27 2014 - 8:16AM
Marketwired
Mart Resources, Inc.: Term Loan Facility Increased to $175 Million
CALGARY, ALBERTA--(Marketwired - Feb 27, 2014) - Mart Resources,
Inc. (TSX-VENTURE:MMT) ("Mart" or the "Company") is pleased to
announce that it has, through its wholly-owned Nigerian subsidiary,
arranged to increase its existing secured term loan credit facility
with Guaranty Trust Bank PLC from US$100 million to US$175 million.
The increased facility is available to fund field development
activities on the Umusadege field, fund Mart's ongoing working
capital requirements on the Umugini pipeline and to provide funds
for potential future Nigerian oil and gas opportunities. The
secured loan facility has a term of five years and bears interest
at 90 days LIBOR plus 4% (floor of 8.25%), which is unchanged from
the terms of the Company's prior facility with Guaranty Trust Bank
PLC.
Wade Cherwayko,
Chairman & CEO of Mart Resources stated: "The increase in the
facility with Guaranty Trust Bank PLC provides Mart with greater
financial flexibility to evaluate and participate in new
opportunities in the Nigerian oil and gas sector."
Additional
information regarding Mart is available on the Company's website at
www.martresources.com and under the Company's profile on SEDAR at
www.sedar.com.
Forward-Looking
Statements and Risks
Certain
statements contained in this press release constitute
"forward-looking statements" as such term is used in applicable
Canadian and US securities laws. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact and should be
viewed as "forward-looking statements". These statements relate to
analyses and other information that are based upon forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Such forward looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
There can be no
assurance that such forward-looking statements will prove to be
accurate as actual results and future events could vary or differ
materially from those anticipated in such statements. Accordingly,
readers should no place undue reliance on forward-looking
statements contained in this news release. In particular, there is
no assurance that Mart will secure new opportunities in the
Nigerian oil and gas sector on terms acceptable to Mart or that if
Mart does secure such opportunities, that additional funding will
not be required. The forward-looking statements contained herein
are expressly qualified by this cautionary statement.
Forward-looking
statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and the Company
undertakes no obligation to update forward-looking statements and
if these beliefs, estimates and opinions or other circumstances
should change, except as required by applicable law.
NEITHER THE
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 THE
RELEASE.
Mart Resources, Inc. - London, England officeWade Cherwayko+44
207 351 7937Wade@martresources.comMart Resources, Inc. - London,
England officeDmitri Tsvetkov+44 207 351
7937dmitri.tsvetkov@martresources.comMart Resources, Inc. -
CanadaSam
Grier403-270-1841sam.grier@martresources.comwww.martresources.com
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