Rampart Energy Secures US$50 Million Funding for North Slope Exploration
Rampart Energy (ASX:RTD) announced this morning that the successful completion of a landmark funding facility and operational update of its North Slope Oil Project in Alaska.
Executed binding documents with Melody Business Finance LLC to provide US$50m in Funding to Rampart
Facility to cover significant portion of the upfront cost of any exploration program in Alaska including Seismic & Drilling
No net debt for Rampart shareholders to pay as facility leveraged off the Alaskan ACES credit system
Managing Director and CEO Torey Marshall, "This is a watershed event for the Company and one that is almost unprecedented in theJunior energy space on the ASX. Essentially, the Facility provides for up to US$50m to be spent on exploration with no shareholder dilution, thus creating a massive leverage to Rampart shareholders who are exposed to this money, without the fear of dilution that would come from a raising of its size. Given the Company's market capitalisation of A$15m, its incredibly exciting for both shareholders and the Company alike to have this in place."
A full copy of the announcement is available at: http://www.asx.com.au/asxpdf/20140203/pdf/42mhh7n2tky6yz.pdf
Posted: February 6, 2014