Ramco Secures $4m loan for working capital
14/04/08
Latest loan news details Ramco have secured a $4m short term loan in order to provide extra working capital. The key driver for the borrowing facility is to protect the need to affect share allocation to the companies share holders by moving forward with projects that are in the pipeline.
Ramco was founded in 1977 and is an independent energy group based in Aberdeen that focus on the exploration for, and appraisal of, oil and gas reserves in Ireland and Eastern Europe.
The funding has been made available by LC Capital Master Fund and terms suggest that installments must be pulled down in no less than $1million lots.
According to Managing Director Steven Bertram of Ramco who commented, “We welcome the continued support of LC Capital Master Fund, Ltd at this important stage in Ramco's recovery process.
"We are at a critical stage in advancing a number of projects and I am confident that this additional working capital facility will allow us to quickly close some of these projects minimising any dilution to our existing shareholders."
