TSXV ticker symbol: BEN
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CALGARY, Dec. 16, 2013 /CNW/ - Butte Energy Inc. (the
"Corporation") (TSXV: BEN) is pleased to announce that it
has borrowed $550,000 from Mr.
Victor Redekop, Chairman of the
Corporation. In exchange, the Corporation issued an unsecured
promissory note to Mr. Redekop which bears interest at prime plus
3% and is due and payable together with the accrued interest on
December 31, 2015. The proceeds
from the financing will be used by the Corporation for working
capital and ongoing operations.
In conjunction with the financing the
Corporation renegotiated the maturity dates of the existing
promissory notes held by Mr. Redekop to December 31, 2015. The existing promissory notes
shall continue to be unsecured and accrue interest at prime plus 3%
to maturity on December 31, 2015.
Information Regarding the Corporation
The Corporation is an emerging oil and gas
company engaged in the exploration for and development and
production of oil and natural gas reserves in Western Canada. The Corporation's common
shares trade on the Exchange under the symbol "BEN".
Neither the TSX Venture Exchange, Inc. nor its Regulation
Service Provider (as that term is defined under the policies of the
TSX Venture Exchange) has neither approved nor disapproved of the
contents of this press release.
SOURCE Butte Energy Inc.