Dec. 18 at 12:16 AM
$CGXEF #2 “We had an initial discussion. That process will continue…so as is it the position remains the same so as soon as there is any new development obviously, I will make an announcement like we always do there is nothing to hide about it.”
Despite government position that the JV future in the Corentyne Block has come to an end, CGX recently tapped a US
$2.5 million loan from Frontera to fund its share of corporate working capital and other agreed-upon expenditures. According to CGX, it has already drawn down and received US
$1.9 million under the facility. The US
$2.5 million will be available in tranches on a non-revolving basis for six months, commencing once conditions precedent to the first drawdown are met. The loan and accrued interest become due one year after its start date, with interest accruing at 19.32% per annum, compounded monthly. The company noted that the loan remains subject to customary conditions, including regulatory approvals. GLTA FIERO
