RE: Re: IN - Gutsy Move
"Is $5.5mill the only debt that they have.I can not find any financials on this company."
4. BANK LOAN
At September 30, 2006, the Corporation has access to a revolving line of credit with the National Bank of Canada in the amount of $6,300,000. At September 30, 2006 Arapahoe has drawn $5,500,000. The limit on this facility was extended from $2,500,000 at December 31, 2005 to facilitate the company’s purchase of an additional 52.5% interest in the Campbell prospect.
Arapahoe increased its interest in the Campbell well which is included in property plant and equipment (note 2). The full facility bears interest at the lenders’ prime rate plus 1%. This facility is secured with a general security agreement over the property and assets of the Corporation. This credit facility is dated May 16, 2006 and, pursuant to the terms therein, is subject to an annual review. During the nine month period ended September 30, 2006, Arapahoe incurred interest on this facility totaling $157,706.
https://www.arapahoeenergy.com/i/pdf/2006Q3.pdf