Metgasco Ltd (AU:MEL) has released an update.
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Metgasco Ltd has announced an increase in its debt facility with Glennon Small Companies, raising an additional $2 million to bring the total to $4.88 million with a 15.9% interest rate. This extension will allow the company to settle existing short-term loans and fund general operations, including the tie-in of the Odin-2 well. The revised agreement offers repayment flexibility, tying repayments to revenue generation, and includes a royalty agreement post-loan repayment.
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