International Petroleum Update Loan Facility
Source: www.gulfoilandgas.com 4/19/2013, Location: Not categorized
Further to the announcement made on 5 April 2013, International Petroleum Limited (International Petroleum or the Company), advises its shareholders that it has not yet received the US$15million loan funds from the unrelated third party pursuant to the loan facility (Loan).
The Company is in discussions with the lender in respect to the provision of the Loan to the Company and anticipates receiving the funds in the next few weeks. Once received, the funds will be applied towards payment of the Company’s Russian creditors and general working capital. The Company requests that trading in its shares remains suspended until the Company receives the funds pursuant to the Loan.
The Company will keep shareholders updated in respect to this matter.
