30th Jun 2015 14:57
LONDON (Alliance News) -Urals Energy PCL Tuesday said it has entered into an 18-month revolving credit facility with OJSC Sberbank of Russia.
The credit facility is for RUB300 million, which equates to around USD5.4 million and will be used by Urals for working capital. The facility is repayable at the end of 2016 and carries an interest rate of 14.28%, subject to Urals meeting monthly revenue targets and having average cash balances in its bank account.
Urals shares were up 4.9% to 3.41 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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