Marquee Energy (TSXV:MQL) announced that at the same time as its acquisition news on August 13, banking syndicate confirmed that the company’s borrowing base remains unchanged at $95 million. However, in order to keep up with its ongoing cost saving strategies, Marquee has decided to reduce its borrowing base to $70 million effective August 31.
As quoted in the press release:
Marquee continues to focus on cost reductions and prudent management of its balance sheet and expects to exit 2015 with net debt of approximately $47-49 million.
Additionally, in accordance with the Company’s previously approved stock option plan, Marquee has granted an aggregate of 3,085,000 options (“Options”) to purchase common shares in the capital of the Company to certain directors, officers, employees and consultants. The Options each have an exercise price of $0.52 per common share, are exercisable for a period of five years and vest in one quarter increments on the sixth month, eighteenth month, thirtieth month and forty second month anniversaries from the date of the grant. The grants are subject to the approval of, and the Company fulfilling the requirements of the TSX Venture Exchange.