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NGEx secures US$5M credit facility

NGEx Resources Inc. secured a US$5 million credit facility from Zebra Holdings and Investments Sàrl.

The unsecured debenture will mature by Oct. 5, 2019, and does not carry any interest. Any amount unpaid and outstanding on and after the maturity date will bear interest at a rate of 5% per annum until repaid in full.

Under the terms, NGEx will issue 28,000 shares in lieu of fees, and issue an additional 500 shares per month for each US$50,000 of the facility drawn. The shares will be issued at a deemed price of US$1 apiece.

The proceeds will provide additional financial flexibility to fund general corporate purposes, the company said Oct. 5.