CALGARY, May 19 /CNW/ - (TSXV: BRX) Brixton Energy Corp. ("Brixton")
announces it has established negotiations with a US financial group
(the "Lender") to secure a credit facility of up to US $50 million to
finance Brixton's future oil and gas projects in Western Canada as well
as purchase of production. This financing is subject to entering into
purchase agreements that will service the credit facility and under the
proposed agreement, the Lender requires Brixton to be responsible for
financing 10% of the total credit facility amount itself, which can be
done by either equity financing or convertible debenture. This is an
arms length transaction and finders fees may be payable in accordance
with the TSX Venture Exchange rules and regulations.
Richard Saxon, President states: "Brixton's management feels that this
financial group is a perfect fit for the Company's goals, as it offers
custom tailored financing from acquisitions to development loans, short
and long term financing, joint venture financing, hard money loans, and
third party collateral financing. With this potential financing,
Brixton would pursue a fast growth strategy in acquiring producing
western Canadian oil and gas assets."
The Company will issue an update to the public as more progress is made.
To find out more about Brixton Energy, please contact the Company at
On Behalf of Brixton Energy Corp.
Richard Saxon, President
We seek Safe Harbor
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Brixton Energy Corp.
For further information:
Brixton Energy Corporation
#328, 1500 14th Street SW Calgary, AB T3C 1C9
PHONE: 403-269-8424 FAX: 403-269-8477