Mr. Colin Watt reports
LYNDEN ENERGY CORP.: CREDIT FACILITY BORROWING BASE INCREASED
Lynden Energy Corp.'s wholly owned subsidiary, Lynden USA Inc., has secured an increase in its borrowing base, from $32-million (U.S.) to $40-million (U.S.), under its reducing revolving line of credit led by Texas Capital Bank of Dallas, Tex.
The borrowing base increase is part of a periodic review of the company's oil and gas assets that secure the credit facility, and is directly related to the growth and value of those assets. There is currently $26.3-million (U.S.) drawn on the credit facility.
The expanded borrowing base, together with current working capital and anticipated cash flow from operations, will allow the company to be opportunistic in the current market environment, and ensures that the company can carry out its previously reported fiscal 2015 (July 1, 2014, to June 30, 2015) capital plan.
We seek Safe Harbor.
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