Toscana Energy Income Corporation Announces Closing of $40 Million
Credit Facility
CALGARY,
Dec. 21, 2012 /CNW/ - Toscana
Energy Income Corporation (the "Company") (TSX Venture: TEI) is
pleased to announce that Firenze Energy Ltd. ("Firenze"), a
wholly-owned subsidiary of the Company, has entered into a new
credit facility with a Canadian chartered bank (the "New Credit
Facility"). The New Credit Facility consists of a
$40 million revolving operating
demand loan. Firenze has
paid out its existing credit facility with the proceeds from the
New Credit Facility. The New Credit Facility is secured by a
$40 million revolving credit
agreement, a $100 million first
floating charge over all of the assets of the Company and
Firenze, a general assignment of
book debts of Firenze and an
unlimited liability guarantee by the Company.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a
conventional oil and gas producer with the mandate to acquire high
quality, long life oil and gas assets including royalties,
non-operated working interests and unitized production for yield
and capital appreciation. Toscana Energy Income Corporation is
managed by Sprott Toscana through Toscana Energy Corporation.
Sprott Toscana is a member of the Sprott Group of Companies.
About Sprott Toscana
Sprott Toscana (formerly Toscana Merchant Group)
is a team of Calgary-based energy
specialists that manage three separate businesses: Toscana Energy
Income Corporation (through Toscana Energy Corporation), Toscana
Financial Income Trust and Maple Leaf Energy Income LPs. In
July 2012, Toscana Merchant Group
joined the Sprott Group of Companies when it was acquired by Sprott
Inc. (TSX: SII), Canada's leading
alternative asset manager and a global leader in resource
investing.
SOURCE Toscana Energy Income Corporation