From CCMB web stite Dec 20 2010...Looks like CCMB is going to fund it soonand its a done deal any day now:
Capital Corp Merchant Banking President and CEO Engineers $20M funding agreement with PetroStar
Mr Gilles Herard, Jr, President and CEO of Capital CorpMerchant Banking, personally engineered the funding structure forPetrostar's $20 million project, which consists of exploring anddeveloping the company's Bakken oil property in Canada. The fundingagreement Mr Herard designed is based on debenture. Mr Herard is aseasoned merchant banker and has been in the banking industry for 38years. His company, Capital Corp Merchant Banking, offers qualityMerchant Banking services for a variety of projects worldwide.
Orlando, FL (PRWEB) December 20, 2010 --As previously stated in a press release by Petrostar on September 7,2010(http://www.newswire.ca/en/releases/archive/September2010/13/c8906.html),Capital Corp Merchant Banking has entered into a $20 million fundingagreement with Petrostar. The funding agreement was engineered byCapital Corp’s President and CEO, Mr Gilles Herard, Jr.(http://www.gillesherardjr.com).
The funding agreement MrHerard designed is based on debenture. Funding for the project is to bedelivered in two (2) phases: Phase I consists of an initial $5 millionand Phase II consists of the remaining $15 million, to be disbursedwithin twelve (12) months of the initial disbursement. Further, thetotal disbursement is made up of $400,000 in common stock of the newsubsidiary and $19.6 million as a debenture to the subsidiary. Thedebenture is for a term of 84 months with four (4) annual fixed paymentsand an annual interest rate of 3% calculated on the net balance of thedebenture, payable on a quarterly basis.
Funding will beused specifically for the exploration and development of Petrostar’sBakken property in Canada, and the new subsidiary company will be a50/50 joint venture between Capital Corp and Petrostar.
The method by which this project is to be funded is the brainchild ofMr Herard. Mr Herard is a seasoned merchant banker and has been in thebanking industry for 38 years. He worked early in his career at theToronto Dominion Bank (Canada) and later on joined Manufacturer Hanover(MH) of New York as Senior Credit Analyst. He eventually created hisown Firm, Capital Corp Merchant Banking, where he syndicates andstructures funding for top companies worldwide, all the while investinghis own firm’s funds into the projects. As the head of Capital CorpMerchant Banking, Mr Herard has become a leading figure in internationalmiddle-market project financing and engineers all funding structuresfor projects at Capital Corp. Mr Herard has received numerous awardsfor his work and other contributions including being appointed to thePresidential Business Commission, Honorary Co-Chairman of the BusinessAdvisory Council, nominated as Executive of the Year by theinternationally acclaimed National Register’s Who’s Who, and havingreceived the Senatorial Medal of Freedom, among many others.
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