Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/shoreline-energy-receives-credit-facility-extensio.shtmlShoreline Energy receives credit facility extension
Shoreline Energy Corp. has received a 30 day extension from its lender ATB Financial to comply with certain working capital
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Shoreline Energy Corp. has received a 30 day extension from its lender ATB Financial to comply with certain working capital covenants under the terms of its loan facility. Shoreline requested the extension in order to have adequate time to complete closing of a new credit facility secured against its US assets which are not included in the Company's current borrowing base.
Since Shoreline's March 31, 2013 breach of its working capital covenant, the Company has improved its working capital deficit by approximately $6.5 million, partially as a result of a the sale of a non core asset and from the sale of flow through shares for gross proceeds of $5,600,000.
