Cub Energy Inc. (TSXV: KUB) has extended and increased its line of credit with Pelicourt Ltd. for up to US $5 million.
Proceeds will be used to fund ongoing development of assets in Ukraine and Turkey. Cub currently has no outstanding balance on the line of credit.
Formalisation of the line of credit between Cub and Pelicourt is subject to the entering into of customary agreements, including a loan agreement and a promissory note, which are at the time of this release under preparation.
The line of credit may be ...