Butte Energy Inc. (TSXV:BEN)
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CALGARY, July 15, 2011 /CNW/ --
TSXV ticker symbol: BEN
/Not for distribution to U.S. Newswire Services or for dissemination in
the United States. Any failure to comply with this restriction may
constitute a violation of U.S. Securities laws./
CALGARY, July 15, 2011 /CNW/ - Butte Energy Inc. (the "Corporation") (TSXV: BEN) is pleased to announce that it has borrowed $4,500,000
from Mr. Victor Redekop, Chairman of the Corporation. The loan is
unsecured, bears interest at prime plus 3% and is due and payable
together with the accrued interest on July 31, 2013. $2,700,000 of the
proceeds from the financing will be used to retire in part amounts
currently owed to Mr. Redekop and Sand Hills Energy Inc., a corporation
controlled by Victor Redekop. The remainder will be used for working
capital by the Corporation.
Information Regarding the Corporation
The Corporation is an emerging oil and gas company engaged in the
exploration for and development and production of oil and natural gas
reserves in Western Canada. The Corporation's common shares trade on
the Exchange under the symbol "BEN".
Cautionary statements
This news release contains "forward-looking statements" within the
meaning of applicable securities laws relating to the proposal to
complete the Acquisition, including statements regarding the timing of
the Acquisition and receipt of regulatory approvals. Readers are
cautioned not to place undue reliance on forward-looking statements.
Actual results and developments may differ materially from those
contemplated by these statements depending on, among other things, the
risks that regulatory approval will not be obtained in a timely manner
or at all. The statements in this news release are made as of the date
of this release. The Corporation undertakes no obligation to comment on
analyses, expectations or statements made by third parties in respect
of the Corporation, the Acquisition, the Assets or the Corporation or
Sand Hills respective financial or operating results or (as
applicable), their securities.
Neither the TSX Venture Exchange, Inc. nor its Regulation Service
Provider (as that term is defined under the policies of the TSX Venture
Exchange) has in any way passed upon the merits of the Proposed
Acquisition and associated transactions and has neither approved nor
disapproved of the contents of this press release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/15/c5802.html
p bButte Energy Inc./bbr/ Victor Redekop, Chairmanbr/ (403) 541-5310 /p