TSXV ticker symbol: BEN
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CALGARY, Dec. 16, 2013 /CNW/ - Butte Energy Inc. (the "Corporation") (TSXV: BEN) is pleased to announce that it has borrowed $550,000 from Mr. Victor Redekop, Chairman of the Corporation. In exchange, the Corporation issued an unsecured promissory note to Mr. Redekop which bears interest at prime plus 3% and is due and payable together with the accrued interest on December 31, 2015. The proceeds from the financing will be used by the Corporation for working capital and ongoing operations.
In conjunction with the financing the Corporation renegotiated the maturity dates of the existing promissory notes held by Mr. Redekop to December 31, 2015. The existing promissory notes shall continue to be unsecured and accrue interest at prime plus 3% to maturity on December 31, 2015.
Information Regarding the Corporation
The Corporation is an emerging oil and gas company engaged in the exploration for and development and production of oil and natural gas reserves in Western Canada. The Corporation's common shares trade on the Exchange under the symbol "BEN".
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has neither approved nor disapproved of the contents of this press release.
SOURCE: Butte Energy Inc.
For further information:
Butte Energy Inc.
Victor Redekop, Chairman