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Thursday August 23, 5:08 pm Eastern Time
Press Release
HEGCO Canada, Inc. (CDNX:HEG) Secures Financing for Canadian Development
CALGARY, ALBERTA--Rodney Babb CEO reports:
HEGCO Canada is pleased to announce that it has received an operating line of credit from a Canadian federally chartered financial institution. The line of credit is initially for $900,000 Canadian. Interest on the line is at Canadian prime plus 2%. The line of credit will be utilized for continued development of the Company's Canadian assets.
Michael Sullivan, Chairman of the Board, states: ``we are pleased with the new banking relationship. This line of credit, coupled with the development funds received for the Oklahoma assets, will allow our production to grow, and therefore allow the Company's cash flow to continue to grow. The Company is in a stronger financial position today than it has been for several years. As management continues its focus on increasing production from its existing assets, it will place the Company on strong financial footing. This will allow the Company to utilize its own cash flow to develop all of its existing assets as well as promising new projects.''
On Behalf of the Board
Rodney A. Babb, CEO |
