Dejour announced three transactions that will position the Company to focus on its high growth development and exploration priorities. "We're aligning our strategy with our greatest opportunities for growth. To date in 2009, with the closing of these transactions, we have eliminated over $9M of debt," explained Mr. Robert L. Hodgkinson, Chairman & CEO. "These transactions will enable us more rapidly to realize the strength of our valuable oil and gas assets in Colorado, and British Columbia."
First, the Company has Letters of Intent in place with deposits to close the sale of a further $2.1M in minority property interests raising total property sales to C$6M. These divestitures coupled with the divesture to HEC, as described below, substantially deal with the Company's bank debt and position it for excess credit facility.
Second, Dejour has finalized an agreement with Brownstone Ventures Ltd. to convert a portion of its debt into equity units, accompanied with a one-year term debt note. Details of the transaction are:
Third, independent members of Dejour’s Board of Directors have negotiated an agreement with Hodgkinson Equities Corporation (HEC) to deal with its debt obligation. Details are:
Following these transactions, the Company turns its focus to its growth development and exploration priorities, which include:
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