Poseidon Concepts Corp. Announces New, Increased $100 Million Revolving Credit Facility; Declares Dividend Payable August 15, 2012, September 17, 2012 and October 15, 2012
July 05, 2012 at 01:00 pm
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Poseidon Concepts Corp. announced that it has entered into a new and increased $100 million two-year extendible revolving credit facility. The New Facility is a senior secured revolving credit facility led by Toronto-Dominion Bank and including Bank of Nova Scotia, HSBC Bank Canada and National Bank of Canada. The New Facility also includes an annual provision for the Company to request an extension to the two-year term. The increase in the amount of funds available under the New Facility, combined with Poseidon's strong current financial position and anticipated future cash flows, provides the company with considerable flexibility and working capital to execute on its ongoing growth plans and pursue additional market opportunities.
The company also announced that its Board of Directors has declared a dividend of $0.09 per common share payable on August 15, 2012 for the holders of record date on July 31, 2012 with ex-dividend date of July 27, 2012. The Board declared a dividend of $0.09 per common share payable on September 17, 2012 for the holders of record date on August 31, 2012 with ex-dividend date of August 29, 2012. The Board also declared a dividend of $0.09 per common share payable on October 15, 2012 for the holders of record date on September 28, 2012 with ex-dividend date of September 26, 2012.
Poseidon Concepts Corp. (Poseidon), formerly Open Range Energy Corp., is an oil and natural gas service and supply company. Poseidon had 170 tanks deployed across North America as of September 2011. Its modular fracturing fluid tanks are deployed at unconventional oil and natural gas plays across North America, from the Eagle Ford in Texas to the Bakken in North Dakota to the Montney in northeast British Columbia. Its products include Atlantis, Poseidon and Triton. Its Triton, Poseidon and Atlantis hold up to 41,000 barrels of fracturing and flowback fluid. Atlantis consists of 15 insulated panels (12 feet x 33 feet) and has a holding capacity of 6,500 cubic meters / 41,220 United States barrels of fluid. Poseidon consists of 10 insulated panels (12 feet x 33 feet) and has a holding capacity of 2,900 cubic meters / 18,240 United States barrels of fluid. Triton consists of seven insulated panels and has a holding capacity of 1,440 cubic meters / 9,057 barrels of fluid.
Poseidon Concepts Corp. Announces New, Increased $100 Million Revolving Credit Facility; Declares Dividend Payable August 15, 2012, September 17, 2012 and October 15, 2012