Alterra Power repays short-term loan of US$23 m loan and enters new facility
MP 3 drilling site, Chile (source: Magma Energy)
Alexander Richter
7 Aug 2011
Alterra Power Corp announces it has repaid a US$23 million short term loan to its Chairman and CEO, Ross Beaty. At the same time entering a credit facility allowing the company to borrow up to US$21 million, but is not planning to do so in 2011.
In an announcement last week, “Alterra Power Corp. announces that it has repaid all C$22 million (US$23 million) owing under its credit facility from Ross Beaty, its Chairman and CEO, entered into in July 2010 and increased in December 2010.
A new credit facility on identical terms has been entered into allowing Alterra Power to borrow up to C$20 million at any time during the next 12 months for working capital or other purposes. At present, no borrowing against this facility is planned as the Company has adequate capital for all its planned 2011 activities.”
Source: Company release via PR Newswire
