|By Marketwired .||
|February 27, 2014 08:17 AM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/27/14 -- Mart Resources, Inc. (TSX VENTURE: MMT) ("Mart" or the "Company") is pleased to announce that it has, through its wholly-owned Nigerian subsidiary, arranged to increase its existing secured term loan credit facility with Guaranty Trust Bank PLC from US$100 million to US$175 million. The increased facility is available to fund field development activities on the Umusadege field, fund Mart's ongoing working capital requirements on the Umugini pipeline and to provide funds for potential future Nigerian oil and gas opportunities. The secured loan facility has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%), which is unchanged from the terms of the Company's prior facility with Guaranty Trust Bank PLC.
Wade Cherwayko, Chairman & CEO of Mart Resources stated: "The increase in the facility with Guaranty Trust Bank PLC provides Mart with greater financial flexibility to evaluate and participate in new opportunities in the Nigerian oil and gas sector."
Forward-Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. In particular, there is no assurance that Mart will secure new opportunities in the Nigerian oil and gas sector on terms acceptable to Mart or that if Mart does secure such opportunities, that additional funding will not be required. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
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 THE RELEASE.