11th Apr 2014 14:57
LONDON (Alliance News) - Maple Energy PLC Friday said that it has successfully closed a deal for a short term financing facility for up to USD15 million, with one of its current senior lenders of its ethanol business.
The energy company, which has assets in Peru, said that the short term financing will be primarily used to improve the working capital position of its ethanol business.
The company warned last month that there had been a sharp decline in ethanol prices in recent months, which is not only hurting its 2014 results but its available working capital.
Maple Energy said the financing will be disbursed over the next few days, upon fulfilment of certain customary conditions for this type of transaction.
Maple Energy shares were down 3.5% at 14.00 pence Friday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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