Calgary, Alberta--(Newsfile Corp. - May 13, 2024) - Tuktu Resources Ltd. (TSXV: TUK) ("Tuktu" or the "Company") announces that it has agreed to a $1.2 million loan evidenced by an interest free, senior secured promissory note (the "Promissory Note"), from an arm's length third party. The loan proceeds will be used to fund a deposit (the "Deposit") with the Alberta Energy Regulator ("AER"), required as a condition of the licence transfers for certain asset acquisition transactions announced on March 21, 2023 ("Acquisition 2") and October 18, 2023 ("Acquisition 3"). Once the AER Deposit is posted, it is expected that the final closing of Acquisition 3 will occur shortly thereafter (Acquisition 2 has already closed). The Deposit amount will be held by the AER in an interest-bearing trust account and may be returned to the Company in the future once applicable regulatory requirements have been met.
The key terms of the Promissory Note are summarized below:
The Promissory Note is in the amount of $1,234,833.60;
The Promissory Note is interest free;
Monthly principal payments are required beginning on July 25, 2024 which are calculated as a percentage of the Company's production times the realized commodity price;
The maturity date of the promissory note is June 1, 2027; and
The Promissory note is senior secured over the Company's assets.