Hillsborough Resources Limited finalized a revised agreement with Vitol yesterday. As part of the agreement, Hillsborough has received USD$3,032,557.78 in cash from Vitol, and approximately USD$16,000,000 of Hillsborough debt to Vitol has been cancelled. Vitol will continue to provide Hillsborough with a line of credit in the amount of CDN$6,000,000.
"We are very pleased to have finalized the revisions with Vitol, who remains a major shareholder and key strategic partner of Hillsborough Resources," stated Mr. David Slater, President and CEO. "The Vitol agreement remains a cornerstone of Hillsborough's business. In addition to the very positive contribution to the Corporation's 2009 financials, the agreement ensures a stable market for a large portion of the Quinsam mine's production over the next three years."
Check out the press release.
Vitol Subsidiary Bids For Arawak
-
Geneva, 27 October 2008: Rosco SA, a subsidiary of Vitol, has confirmed a
cash offer for Arawak Energy Limited. For further information, go to the
London S...
15 years ago
No comments:
Post a Comment