DALMAC ENERGY INC. TSX Venture: "DAL"
EDMONTON, Sept. 12, 2012 /CNW/ - Dalmac Energy Inc. ("Dalmac"), (the Company), (TSXV: DAL), a leading provider of fluid hauling and well servicing to the energy industry, today announced that it has finalized a senior secured finance facility of up to $17 million with PNC Bank Canada Branch, (PNC). This new facility bears an interest rate of lender prime plus 1.25% which is considerably less that the Company's current loan rates. Dalmac will use the facility to pay off its existing bank and other long-term debts which currently total approximately $8.4 million and will have up to $6.5 million available to finance 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 the completion of security documents and due diligence.
Responding to the current surge in demand for its services, Dalmac plans on increasing the size of its fleet over the next 12 months by purchasing about $6.5 million dollars of additional oilfield equipment to handle the growth. The Company is confident that current positive industry indicators will continue to translate into high demand and record revenues and earnings for Dalmac throughout the remainder of calendar 2012 and well into 2013.
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 [email protected].
John Beasley - CFO - Dalmac Energy
Tel: 780-988-8510 Ext. 227
Doren Quinton - QIS Capital