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EON NRG Ltd (ASX:E2E) 12 Month Extension of Bank Loan

Perth, Australia, Sep 2, 2019 - (ABN Newswire) - Eon NRG Limited (ASX:E2E.AX - News) is pleased to announce that it has received approval from ANB Bank to renew its revolving line of credit (RLOC) loan facility for a further twelve months with a new expiry date of 1 October 2020. The loan facility limit is $6.4M with the current outstanding loan balance of $6.1 million. The financial covenants of the facility remain unchanged. The cost of capital remains low on this facility with interest charged at a rate of 0.50% above the US Prime Rate.

John Whisler, Managing Director said "We are very pleased to continue our banking partnership with ANB which has provided the Company with funding support for more than five years. The RLOC continues to be a very effective low-cost financing option which gives the Company flexibility to implement its growth plan."


About EON NRG Ltd:

EON NRG Ltd (ASX:E2E.AX - News) is an USA onshore focused energy exploration and production company. The Company's growth path is through drilling of high impact oil exploration wells, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow. The company also has a battery minerals division with prospective leases in Nevada which are at the early stages of low-cost exploration.

Contact:

Australia - Simon Adams CFO/Company Secretary Email: sadams@i-og.net Phone: +61-8-6144-0590 USA - John Whisler Managing Director Email: jwhisler@i-og.net Phone: +1-720-763-3183 Website: www.eonnrg.com Twitter: @EonNRG

Source:

EON NRG Ltd

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