CALGARY, ALBERTA--(Marketwired - Dec. 18, 2013) - Cobalt Coal Ltd. ("Cobalt") (TSX VENTURE:CCF), announces that it has entered into an extending agreement with the provider of its senior credit facility. The agreement extends the repayment date of the existing $1,750,000 USD facility to February 28, 2014.
Included in the extension agreement is a provision whereby the senior lender will make a drilling fund available to Cobalt in the amount of $150,000 USD and is subject to certain conditions. Certain of the fees, together with any advances made under the drilling fund, will be added to the principal amount of the facility and will be payable at maturity.
Cobalt is a publicly traded coal exploration and production company headquartered in Calgary, Alberta, Canada. Cobalt was created to capitalize on the growth opportunities that exist in the metallurgical coal mining industry.
Neither TSX Venture Exchange nor its regulation/service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the coal mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.