DALMAC ENERGY INC.TSX Venture: "DAL"
EDMONTON, July 30, 2012 /CNW/ - Dalmac Energy Inc. ("Dalmac"), (the Company), (TSX -V: DAL), a leading provider of fluid
hauling and well servicing to the energy industry, today announced that
it has entered into a Commitment Letter with PNC Bank Canada Branch,
(PNC), for a senior secured finance facility of up to $17 million, with
an interest rate considerably lower than the Company's current loan
"In partnership with PNC we are substantially strengthening our balance
sheet and reducing our cost of capital," stated John Beasley, CFO of
Dalmac. "This financing will provide the Company with much greater
financial flexibility to grow our business without dilution to our
The Company will use the facility to pay off its existing bank and other
long term debt totaling approximately $8.4 million and will have up to
$6.5 million available to fund new capital expenditures. The balance of
the facility will be available for working capital. Dalmac will have
the option to increase the facility to $20 million, subject to lender
approval. The facility will have a four year term and is subject to a
number of conditions, including completion of security documents and
due diligence. The facility is expected to be in place within 30 days.
We seek Safe Harbor.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Dalmac Energy Inc.
For further information:
John Babic, at (780) 988-8510, by fax at (780) 988-8512 or by e-mail at firstname.lastname@example.org.
John Beasley - CFO - Dalmac Energy
Tel: 780-988-8510 Ext. 227
Doren Quinton - QIS Capital