CALGARY, May 19 /CNW/ - (TSXV: BRX) Brixton Energy Corp. ('Brixton') announces it has established negotiations with a US financial group (the 'Lender') to secure a credit facility of up to US $50 million to finance Brixton's future oil and gas projects in Western Canada as well as purchase of production. This financing is subject to entering into purchase agreements that will service the credit facility and under the proposed agreement, the Lender requires Brixton to be responsible for financing 10% of the total credit facility amount itself, which can be done by either equity financing or convertible debenture. This is an arms length transaction and finders fees may be payable in accordance with the TSX Venture Exchange rules and regulations.
Richard Saxon, President states: 'Brixton's management feels that this financial group is a perfect fit for the Company's goals, as it offers custom tailored financing from acquisitions to development loans, short and long term financing, joint venture financing, hard money loans, and third party collateral financing. With this potential financing, Brixton would pursue a fast growth strategy in acquiring producing western Canadian oil and gas assets.'
The Company will issue an update to the public as more progress is made. To find out more about Brixton Energy, please contact the Company at 604-269-0006.
On Behalf of Brixton Energy Corp.
Richard Saxon Richard Saxon, President
We seek Safe Harbor
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Brixton Energy Corporation #328, 1500 14th Street SW Calgary, AB T3C 1C9 PHONE: 403-269-8424 FAX: 403-269-8477
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CALGARY, May 19 /CNW/ - (TSXV: BRX) Brixton Energy Corp. ('Brixton') announces it has established negotiations with a US financial group (the 'Lender') to secure a credit facility of up to US $50 million to finance Brixton's future oil and gas projects in Western Canada as well as purchase of production. This financing is subject to entering into purchase agreements that will service the credit facility and under the proposed agreement, the Lender requires Brixton to be responsible for financing 10% of the total credit facility amount itself, which can be done by either equity financing or convertible debenture. This is an arms length transaction and finders fees may be payable in accordance with the TSX Venture Exchange rules and regulations.
