American Eagle Energy Corp. (OTCBB: AMZG) closed a credit agreement with Macquarie Bank Ltd. for $18 million.
The agreement was closed on December 28, 2012, and American Eagle has received $16 million. The remaining $2 million is expected to be received within 30 days following the closing of two pending acquisitions.
American Eagle intends to use the funds to support further developmental drilling in its Spyglass Project in North Dakota, for the pending property acquisitions and for general corporate purposes.
All of the funds are to be repaid through the ...