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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ivory Energy Com Npv | TSXV:IV | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Ivory Energy Inc. (TSX VENTURE:IV) announces that it has closed a secured credit facility having a principal amount of $4,000,000 (the "Facility") with a private financial group. The Facility bears interest at 12% per annum and is repayable on or before January 31, 2009. The proceeds will be used for drilling and development of Ivory's heavy oil reserves at Silverdale, Saskatchewan and providing working capital. This Facility replaces the bridge loan previously announced in the news release of June 30, 2008 and is not in addition to that loan. Ivory Energy Inc. is a heavy oil producer in Saskatchewan that is developing its oil properties and reserves through low risk re-completions, workovers, infill drilling, and enhanced oil recovery methods. Ivory expects to start drilling 3 new wells of a 15 well program on or about August 1, 2008. Ivory has an inventory of over 50 infill and step-out locations to drill on its Silverdale properties.
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