DALLAS, TEXAS--(Marketwire -05/31/12)- AGR Tools Inc's (or "AGR" or the "Company") (AGRT)(AGRT) wholly owned subsidiary, AGR Energy Holdings Inc (or "AGR Energy"), is pleased to announce the signing of a binding financing agreement with Qeteras Ltd, a large UK based Institutional Investor.
Under the terms of the agreement Qeteras will lend up to USD $20MM to AGR Energy for up to 30 years bearing a 10% interest rate per annum. The credit facility is subject to several other fees and covenants which will be disclosed in SEC filings as soon as they become publically available.
The proceeds of this USD $20MM facility will be utilized to acquire what Management believes are attractive oil and gas properties throughout the US, with the first acquisition to be the Paul Lease in Overton County, Tennessee from Consolidated Oil and Gas (PR click here: Paul Lease Acquisition, May 30th, 2012). Proceeds of the financing may also be used for working capital for the Company.
Mr. Vern Wilson, CEO commented:
"It is very humbling to be working with such a large partner who is very experienced in the oil and gas industry. To potentially be in such a strong capital position right out of the gate should be very beneficial to Shareholders-- with the completion of this deal we would have quite a nice war-chest over and above the capital needs of the Tennessee deal allowing us to potentially move quickly on deals that make sense to Management as well as Shareholders.
About AGR Qeteras Ltd:
Qeteras is a UK based commodities trading and asset management group providing financing and strategic oversight for development projects between USD $50MM - USD $750MM. Qeteras seeks equity partnerships in projects of demonstrable directional and risk advantage and can provide financing with immediacy. Our investment portfolio includes a range of industries and PPIP development concepts, and it is our objective to create an immediate and lasting value impact via our principled and transparent approach.
For further information please visit: www.Qeteras.com
About AGR Tools Inc, and its wholly owned subsidiary, AGR Energy Holdings Inc:
AGR Tools/ AGR Energy Holding's mission is to deliver a competitive and sustainable rate of return to shareholders by developing, acquiring and exploring for oil and gas resources vital to the world's health and welfare.
AGR Energy Holding's strategic goal is to expand our reserve base and increase our cash flow through investment in and management of exploration, acquisition and exploitation of new and existing oil and gas assets.
For further information please visit: www.AGRenergycorp.com
AGRT due diligence portal: Coming soon!