Brief: Cub Energy says contracted to purchase new nitrogen rejection unit

Hemlo Mining

19/06/2017 17:21

June 19 (Reuters) - Cub Energy Inc  KUB.V : 
    * Cub Energy Inc. announces capital investment for Western 
Ukraine operations 
    * Contracted to purchase a new nitrogen rejection unit to 
re-commence production on its wholly-owned RK field in Western 
Ukraine 
    * Company will also continue to optimize used NRU it 
purchased in 2016; however it is not expected to yield material 
production 
    * New nitrogen rejection unit is expected to be operational 
in Ukraine by year end 
    * New NRU is expected to cost approximately US $1.6 million 
with half this amount due in first 30 days 
    * Says company will also issue 2.2 million common shares to 
lender as a loan bonus 
    * To fund purchase of NRU, company will utilize cash on hand 
and will borrow U.S. $1 million from an officer of company 
    * To fund NRU purchase, company will utilize cash on hand 
and will borrow US $1 million from an officer of company 
 
Source text for Eikon:  ID:nCCNVBSzja  
Further company coverage:  KUB.V  
 
 ((Bangalore.newsroom@thomsonreuters.com;))