Mezzanine lender provides new credit facilities for Canadian Phoenix and Serrano Energy
Client
Mezzanine lender
Date
December 17, 2009
On December 17, 2009, Canadian Phoenix Resources Corp. announced that it had obtained a $2.1 million secured credit facility from an arm's length mezzanine lender. Canadian Phoenix used $1.4 million of the facility to satisfy the amounts owed by it under the promissory note issued from its controlled subsidiary Serrano Energy Ltd. The remaining balance will be used by Canadian Phoenix to fund ongoing operations.
The mezzanine lender was advised in this transaction by Gary Rose of Fasken Martineau.
|
|
|