CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Jura Energy Corporation (“Jura”) is pleased to announce that its wholly-owned subsidiary, Spud Energy Pty Limited (“SEPL”), has entered into a secured long term financing facility (the “Facility”) totaling Pakistan Rupees (“PKR”) 150 million (US$0.95 million using the State Bank of Pakistan July 11, 2019 exchange rate of US$1 = PKR 158.49).
The Facility has been extended by JS Bank Limited, a related party of Jura, and carries interest at the rate of 3-month Karachi Inter Bank Offered Rate (“KIBOR”) (12.99% using the State Bank of Pakistan posted rate on July 11, 2019) plus 2.75%, maturing three years from the date of disbursement. The interest is payable quarterly in arrears. The principal of the Facility is repayable in eight equal quarterly installments, commencing after a grace period of twelve months from the date of first disbursement. Disbursement is expected to occur this week.
Jura intends to utilize the Facility to finance its capital expenditure requirements for the Zarghun South lease held by SEPL.
About Jura Energy Corporation
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX-V trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: GlobeNewswire
(July 11, 2019 - 8:13 AM EDT)
