June 19, 2017 / 4:52 PM / a year ago

BRIEF-Cub Energy says contracted to purchase new nitrogen rejection unit

June 19 (Reuters) - Cub Energy Inc:

* 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: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below