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WHL Energy raises $2.9M to fund current activities

WHL Energy Ltd.

WHL Energy Ltd. has completed a financing agreement to raise $2.9 million (AUD 3.2 million).

The capital raised via the cash advance term loan facility will be utilized to fund WHL Energy’s ongoing activities, including the current interpretation of 3D seismic data acquired over the VIC/P67 La Bella permit, offshore Victoria, and potential corporate transactions.

The competitive short-term financing solution has been arranged by Argonaut Equity Partners. WHL Energy expects to repay the facility from proceeds to be received from Tap Oil under the firm Seismic Option and Farmout Agreement due March 31, 2015. WHL Energy also has the option to repay the facility prior to that date if it elects.

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