CALGARY, ALBERTA--(Marketwired - Oct. 31, 2013) - Leader Energy Services Ltd. (TSX VENTURE:LEA) ("Leader" or the "Company") announced that it has received approval from its current lender to increase its Asset-Based Credit Facility by $1.0 million through the addition of a demand non-revolving single advance loan. This loan has an interest rate of 24% and is repayable on January 31, 2014. The Company also received approval to change its weekly borrowing base formula to increase the availability of its accounts receivable under the demand revolving facility. Additionally, Leader made the request to extend the term of its demand revolving facility and its demand non-revolving term loan for an additional six month period to September 6, 2014 which was also accepted by the lender.
All other terms of the Asset-Based Credit Facility remain in place including an interest rate of 18% for both the demand revolving facility and the demand non-revolving term loan.
Leader also noted that Mohamed El Alem is no longer a director of the Company for personal reasons. The Board thanks Mr. El Alem for his 10 years of service to the Company and wishes him well.
Leader provides well stimulation services in western Canada. Further information on Leader can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com.
This press release contains certain statements or disclosures relating to the Company that are based on the expectations of the Company as well as assumptions made by and information currently available to the Company which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking information.
Neither the 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 news release.