Vancouver oil and gas junior Thunderbird Energy Corp. (TSX-V:TBD) has closed a US$50 million financing facility with Australia's Macquarie Bank Ltd. to fund development of Thunderbird's oil and natural gas projects in the U.S. and Canada.
Thunderbird operates the Gordon Creek natural gas field in Utah and holds a 50% interest in a producing light oil project in Rush County, Texas. The company is negotiating agreements to expand its Gordon Creek property and acquire an oil exploration project in Wyoming.
Macquarie will provide the funds as a revolving credit line for the first three years. Interest will be based on the London interbank rate or the U.S. prime rate.
Macquarie will be provided with five-year warrants to buy common shares of Thunderbird at prices between $0.50 and $1 per share for up to 13 million shares, depending on the amount drawn down under the line of credit.
Thunderbird's share price range during the past week: between $0.28 and $0.315; 52-week high: $0.65; 52-week low: $0.23.