Cub Energy Announces Ukraine Bank Loan

Source: www.gulfoilandgas.com 6/1/2021, Location: Asia

Cub Energy Inc., a Ukraine-focused power and energy company, announces that its 100% owned subsidiary, Tysagaz LLC (“Tysagaz”), has entered into a €650,000 (US $792,000) loan with a Ukraine bank. The Ukraine bank loan will bear interest at 7%, will mature in November 2023 and is secured by the Jenbacher power generation units and a general guarantee by the Company. Proceeds of the loan will be used to make a principal repayment of US $750,000 on the Pelicourt Ltd. (“Pelicourt”) shareholder loan that bears interest at 10.8%. The remaining balance on the Pelicourt loan is US $900,000 following the prepayment.

“Cub is pleased to establish a banking relationship with a local Ukraine financial institution as it builds out its power generation business” Patrick McGrath, Interim CEO of Cub stated “The loan and concurrent repayment of a similar amount on the Pelicourt loan, allows the Company to lower its interest rate from 10.8% to 7% and resulting cash savings.”


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