Mart Resources Inc MAUXF

increased loan facility

[wallywill]

Mart Resources, Inc.: Term Loan Facility Increased to $175 Million

 

CALGARY, ALBERTA--(Marketwired - Feb. 27, 2014) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce that it has, through its wholly-owned Nigerian subsidiary, arranged to increase its existing secured term loan credit facility with Guaranty Trust Bank PLC from US$100 million to US$175 million. The increased facility is available to fund field development activities on the Umusadege field, fund Mart's ongoing working capital requirements on the Umugini pipeline and to provide funds for potential future Nigerian oil and gas opportunities. The secured loan facility has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%), which is unchanged from the terms of the Company's prior facility with Guaranty Trust Bank PLC.

Wade Cherwayko, Chairman & CEO of Mart Resources stated: "The increase in the facility with Guaranty Trust Bank PLC provides Mart with greater financial flexibility to evaluate and participate in new opportunities in the Nigerian oil and gas sector." 

[kungsuki]

Looks like Mart has positioned itself for a marginal field purchase.  It is also encouraging that the banks have faith in Mart as well or they wouldn't be providing this facility.  Hang onto you seats, it's going to get interesting!   suki

[Bejeezus]

Did you say  marginal field https://www.mira.ca/en/IMG/arton629.jpg[/img]

[Bejeezus]

Mira resources would  make the most sense with the amount of the facility and the way Mrp has traded    

[kungsuki]

Where are they located in relation to Umsedege?

[Bejeezus]

LOL...off shore where no one can tap into their lines....fishies never ask for right o way either....its all good off shore

[halapeno11]

Is the offshore marginal field that Mira has (if they still have it) better than the new marginal fields that have been released?

[Bejeezus]

of course its better... its has been subsidised already and better fiscal terms under the marginal field program.....cheap like Borscht too!!

[Treetop2]

This post has been removed in accordance with Community Policy

[Bejeezus]

Yes a blip in January....5 million shares snapped up...something to the rumor??? time will tell... Mart increasing its facility will facilitate that rumor

[wallywill]

Yes he has been trying very hard to "unload" his shares via his promotions. Mart has no interest whatsoever in going offshore and acquiring a company that is worth zero. Any further marginal field bids would be fields that are close to Mart's existing infrastructure and the new pipeline. GLTA Wallywill

[Bejeezus]

That is a total lie ....Mart has been looking at offshore fields fyi

[Techsavy]

Mart just increased/secured a $175,000,000 loan. They are going to acquire or co-acquire a marginal field in the next few days. I don't believe they will ever acquire offshore and I never said they would One thing is for sure, with 20 yrs of experience in Nigeria, Wade is ready to pull the trigger and quadruple BOEP. With an eventual exit plan (buyout with 60,000 - 80,000 BOPD) from one of

[Bejeezus]

I had heard they were looking at off shore from a long term Mart guy thats all he could say....Dimitri also said he would love a offshore well when I spoke to him

[wallywill]

Why on earth would Mart be looking in buy into an offshore field that produces nothing?? Zero, Nada? They wouldn't

[Bejeezus]

Easy...better fiscal terms ie lower taxes...waay cheaper to buy..... offshore usually has more Reserves than onshore..will find more oil after drilling a few holes...will find a ton more with horizontal drilling....all at a lower tax rate which means more $$$ in our pocket......off shore means no bunkering etc etc

[wallywill]

it is cheap because it produces zero and has not shown to be productive. That is why Shell dumped it and why MRP is going bankrupt

[Bejeezus]

Not true ...it is cheap because everything in Nigeria is orchestrated:)

[Bejeezus]

PS..shares are flyin of the shelves...get some