CALGARY (Yosefardi) – Niko Resources Ltd has secured a US$60 million loan from a group of institutional investors.
The loan will bear an interest rate of 7% per annum and mature on July 17, 2015. The loan is secured with, among others, Niko’s interest in two oil and gas blocks in Indonesia.
“The net proceeds can be used for funding of working capital requirements,” the company said Friday (July 12).
The company, listed on Toronto Stock Exchange (TSX), has also signed exploration option agreements granting farm-in options to the investors’ nominee to receive a 5% working interest in each of the two blocks in Indonesia.