Note 16 to the financials state:
"Subsequent to year end, a further $50.0 million of the facility had been drawn down. During the year ended December
31, 2013 the weighted average interest rate was 5.65% and the total interest expense included in finance costs was
$471,201. Deferred financing costs relating to the loan of $4,174,507 as at December 31, 2013 are being amortized over
the period until March 2014. The facility was initially payable in full within two months of announcing any sale or disposal
of the Company’s interest in the Elk and Antelope fields. Subsequent to year end, the lenders approved a request to
extend this repayment date until April 30, 2014 or the completion of any sale agreement, whichever is earlier. Post
completion of the Total SPA on March 26, 2014, this facility is expected to be repaid in April 2014."
The MD&A says basically the same thing and wasn't able to listen to the CC. If they made a statement that the loan facility can/might be renegotiated, that would be good. Seems they would have said something to that effect in the 4Q financials or MD&A. If they say it in there somewhere, I missed it. Note also that they have pulled down another $50 million since YE.
"Subsequent to year end, a further $50.0 million of the facility had been drawn down. During the year ended December
31, 2013 the weighted average interest rate was 5.65% and the total interest expense included in finance costs was
$471,201. Deferred financing costs relating to the loan of $4,174,507 as at December 31, 2013 are being amortized over
the period until March 2014. The facility was initially payable in full within two months of announcing any sale or disposal
of the Company’s interest in the Elk and Antelope fields. Subsequent to year end, the lenders approved a request to
extend this repayment date until April 30, 2014 or the completion of any sale agreement, whichever is earlier. Post
completion of the Total SPA on March 26, 2014, this facility is expected to be repaid in April 2014."
The MD&A says basically the same thing and wasn't able to listen to the CC. If they made a statement that the loan facility can/might be renegotiated, that would be good. Seems they would have said something to that effect in the 4Q financials or MD&A. If they say it in there somewhere, I missed it. Note also that they have pulled down another $50 million since YE.