February 20, 2018 / 7:16 PM / in 8 months

BRIEF-Gen III Oil Signs Term Sheet For CAD$72 Million Secured Credit Facility

Feb 20 (Reuters) - Gen III Oil Corp:

* GEN III OIL CORP. SIGNS TERM SHEET FOR CAD$72 MILLION SECURED CREDIT FACILITY

* GEN III OIL CORP - ‍SIGNED 60-DAY EXCLUSIVE TERM SHEET FOR CAD$72 MILLION SENIOR SECURED TERM LOAN CREDIT FACILITY FOR UNIT

* GEN III OIL CORP - ‍ PROCEEDS TO BE USED TO FUND DESIGN AND CONSTRUCTION OF A RE-REFINERY OF USED MOTOR OIL IN ALBERTA BY UNIT​

* GEN III OIL CORP - ‍ PROCEEDS TO ALSO BE USED TO FUND PRE-COMMERCIAL OPERATIONS WORKING CAPITAL, FUND AN INTEREST AND CONTINGENCY RESERVE FOR FACILITY

* GEN III OIL CORP - ‍ AGREES TO GRANT LENDER WARRANTS TO ACQUIRE UP TO 4 PERCENT OF COMMON EQUITY OF UNIT Source text for Eikon: Further company coverage:

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