Sino Gas & Energy Holdings Limited (Sino Gas or the Company) announced Monday that it has executed facility documentation with Macquarie Bank Limited (Macquarie) for a structured term debt facility of up to $50 million (the Facility).
Proceeds will be used towards the funding of Sino Gas' share of costs associated with the company's stake in the Linxing Production Sharing Contract (PSC) and the Sanjiaobei PSC (held under the Sino Gas and Energy Limited Joint Venture), located in the Ordos Basin, Shanxi Province, People’s Republic of China.
Commenting on the completed facility agreement Gavin Harper, Chairman of Sino Gas, said:
“With $57 million in cash as at the end of the June quarter and the Facility of up to $50 million, Sino Gas is well positioned to fund its development share of the PSCs towards early production and Overall Development Plan submissions and start the transition to becoming a significant gas producer”.
The final key terms of the facility are:
Argonaut Limited (Argonaut) acted as financial and corporate adviser to Sino Gas. Allen & Overy acted as legal advisor to the Company.
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