The maximum borrowing amount under BlackPearl Resources Inc.’s credit facilities has been reduced to CA$117.5 million, down from CA$150 million, after the syndicated group of lenders completed the semiannual review of its credit facilities, the company said July 12.
The lenders agreed to extend the revolving period to May 27, 2017, but if it is not extended, any balance owed on the facilities would have to be repaid by May 26, 2018. The next borrowing base review is scheduled to occur by Nov. 30.
BlackPearl said it has CA$80 million drawn on its credit facilities, which is CA$8 million lower than the amount at year-end 2015. The company added that cash flow will likely exceed capital spending for the remainder of the year, enabling debt levels to continue being reduced.
BlackPearl Resources Inc. is based in Calgary, Alberta.
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