Cub Energy Inc. (TSX-V: KUB) has arranged a line of credit (LOC) from Pelicourt Ltd. for up to $3,000,000.
The LOC is to be applied to the funding of ongoing development of Cub's Uzhgorod, Rusko-Komarovske, Stanovo and Korolevskoye licenses in the Transcarpathian Basin region of Western Ukraine.
The LOC may be drawn down as required in tranches not less than $100,000. The company will pay Pelicourt interest on the principal sum at an annual rate of 5% calculated and payable semi-annually.
Repayment of the principal sum and accrued interest is to be made to Pelicourt on Sept. 30, 2013, but may be pre-paid in whole or part at any time without penalty.
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