Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

October 07, 2010 16:52 ET

Brownstone Secures Loan

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") announces that it has closed its previously announced term loan, whereby it has obtained $3,000,000 in financing in the form of a secured loan. The loan, provided by 2256629 Ontario Ltd., an arm's length private company, is for a one-year term (subject to prepayment) and bears interest at a rate of 12% p.a., payable monthly. The Company's obligations under the loan are secured by a charge over its personal property. As consideration for the loan, Brownstone paid a cash bonus of $300,000 and a facility fee of $30,000 to the lender.

Proceeds from the loan will be used for working capital purposes.

About Brownstone 

Brownstone Ventures Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil; a 50% interest in approximately 300,000 hectares in the Quėbec Lowlands; a 15% participating interest in several off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 4 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: www.brownstoneventures.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information