Far East Energy Corp. (OTC: FEEC) has entered into a term loan facility agreement (TLFA), effective Sept. 29 with the lenders party thereto. The TLFA has a term ending March 29, 2016, and up to which $16,263,604 in aggregate principal amount will be loaned to FEEB in accordance with the terms of the TLFA. $8,763,604 of such amount was used to repay in full the amounts outstanding under the term loan facility agreements, dated as of Feb. 24, 2015, April 8, 2015, and June 26, 2015, respectively.
The remaining $7,500,000 under the TLFA will be used for working capital approved by the lenders. FEEB received an advance in the amount of $500,000 under the TLFA upon closing.
Far East Energy’s ongoing strategic discussions remain under way, and the company will advise its shareholders at appropriate times as developments progress.
Based in Houston, Texas, with offices in Beijing, China, Far East Energy is focused on coalbed methane exploration and development in China.