Spyglass Resources Corp SGLRF

Credit facility news

[Azzenmcelbow]

Two kinds of credit. One, at $77 m to $35 m by end of November, and another $25 m off by end of jan. the other is to be wiped out too, apparently with no timeline. Dispositions ahead.

[Joe454]

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[Kherson]

You sure are right Joe! Keep in mind that under the new credit facility terms, if SpyGlass now sells an asset to paydown $35 million of the reducing term facility by the end of November, the total amount allowed on the borrowing base facility will automatically be reduced! If indeed it turns out to be dollar for dollar, then SpyGlass is already underwater by $12 million dollars. Their only hope to

[Joe454]

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[Kherson]

Keep in mind Joe that StainGlass does have the ability to issue Perferred Shares and the interest rate that they are now paying on their credit facilities is close to 10%! Sadly though, anyway you now slice it, the present equity will be wiped out! Kherson

[johnlives1]

Looking at Khersons history, he is an expert on his equity being wiped out.

[timebuster]

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[Kherson]

I wonder if SpyGlass already has a deal in place for the rest of the Dixonville with Eagle? Having to pay that $35 million by the end of November does make one wonder why the Credit Facility terms have been changed! I find it interesting that Eagle has at least $40 million remaining on their lines of credit plus they have stated that they believe that their Credit Facility will be upped once their

[zaraholo]

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