US$5 MILLION FINANCE FACILITY
19 September 2008
The Board is pleased to advise that Golden Gate Petroleum Ltd has executed a line of credit agreement for US$5 million. This finance facility creates a line of credit to meet short term working capital requirements for on-going operations. Interest rate on any drawn amount is LIBOR based with no conversion options or equity component. Advances against the facility will be due and payable between 6 and 9 months with no penalty for early repayment. At the time of each drawdown, lender approval is required.
To view the full announcement, as well as additional information on the Company, please click on the link below:
http://www.ggpl.com.au
On behalf of the Board of Directors
For further information contact:
Steve Graves
Managing Director
Phone +1 805 469 4656
Mark Freeman
Director Phone +61 8 9324 1177
Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.
Golden Gate Petroleum est une société de production minière d'or et de pétrole basée en Australie.
Golden Gate Petroleum détient divers projets d'exploration en USA et au Mexique.
Ses principaux projets en exploration sont BULLSEYE en USA et MANZANO au Mexique.