Buying power news Mart Resources, Inc.
TSX VENTURE : MMT
March 26, 2013 08:30 ET
Mart Resources, Inc.: Arrangement of US $100 Million Secured Term Loan Facility and Umusadege Operational Update
- Mart has arranged a US $100 million secured term loan facility with Guaranty Trust Bank PLC to be available to fund field development activities on the Umusadege field and Mart's ongoing working capital requirements.
- Umusadege field production continues to be shut down due to maintenance being performed on the export pipeline by the pipeline operator. The pipeline operator has advised that the maintenance operations are nearing completion, but no exact date can be given as to when production can re-commence.
CALGARY, ALBERTA--(Marketwire - March 26, 2013) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce the arrangement of a new loan facility, and with its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited provide the following update on Umusadege field operations.
Arrangement of US $100 million Secured Term Loan Facility
Mart, through its wholly-owned Nigerian subsidiary, has arranged a US $100 million secured term loan facility with Guaranty Trust Bank PLC with the intent to finance capital expenditures required for further field development activities and Mart's ongoing working capital requirements.
The secured loan facility has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%).
Wade Cherwayko, Chairman & CEO of Mart Resources stated: "Mart is very pleased to have made this arrangement with Guaranty Trust Bank PLC and anticipates that the additional flexibility the facility can provide will enable Mart to move ahead quickly with development and potential growth plans."
March 2013 Production Update
Umusadege field production continues to be shut down due to maintenance being performed on the export pipeline by the pipeline operator. The pipeline operator has advised that the maintenance operations are nearing completion, but no exact date can be given as to when repairs will be completed and production can re-commence. Mart will provide an update regarding this situation as it progresses.
Common share dividend
Following previous announcement, Mart is pleased to confirm that a quarterly dividend of $0.05 per common share will be paid on April 9, 2013 to shareholders of record at the close of business on March 22, 2013. The ex-dividend date was March 20, 2013.
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.
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