Lonestar Amends Bridge Financing Term
August 31 2009 - 3:53PM
Marketwired
Lonestar West Inc. (TSX VENTURE: LSI) ("Lonestar" or "the Company")
announces that further to its press release dated July 13, 2009
announcing the completion of a subordinated secured debenture
financing in the aggregate amount of $180,000 (the "Loan") carrying
an annual interest rate of 16% and having a maturity date of August
31, 2009, the Company and the debenture holders thereof have agreed
to extend the maturity date of the Loan to August 31, 2011. All
other terms of the Loan remain unchanged. The obligations under the
debenture are secured by Lonestar's grant of a security interest in
its assets (including the assets of its subsidiaries) in favour of
the debenture holders (the "Security Interest"). The Security
Interest shall be subordinate and subject to any loan or credit
facility and any replacement thereof between Lonestar and a
subsequent lender, at the Company's discretion. None of the
Company's common shares or securities convertible into common
shares are being issued in connection with the Loan and no
commissions or finder's fees are applicable in connection with the
Loan either.
About Lonestar West
The Company is an Alberta based company providing industrial
vacuum services. The Company currently operates a fleet of six
vacuum trucks and two hydro-vac trucks. The Company's customers are
primarily engaged in oil and natural gas exploration and
development and mid-stream infrastructure construction and
maintenance.
For more information please visit the Lonestar West website at
www.lonestarwest.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Lonestar West Inc. James Horvath President & CEO
403-887-2074 infor@lonestarwest.com
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