Petrostar Signs $25,000,000 Agreement
January 21, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP; "Petrostar" or "the Company") announces the signing of the definitive agreement for the Reserve Equity Line of Credit valued at $25 million, as previously announced January 7, 2013.
The agreement was executed between Petrostar Petroleum Corp. and Abundant Wealth Management Inc. Abundant Wealth is a private, equity investment firm located in Calgary, Alberta. The agreement is subject to Exchange filings and regulatory approvals.
Petrostar's C.E.O., R.M. Loree, stated:
"We are very pleased to finalize this agreement and announce an ongoing relationship with a sophisticated investor such as Abundant Wealth Management. This strategic advancement provides the Company access to funding on an ongoing basis; for use in the development of Petrostar's modular refinery projects. We are happy with the financing terms mutually agreed upon, and see a huge benefit for the Company's shareholders and investors.
Petrostar is committed to developing its projects, while still minimizing share dilution. The Reserve Equity Line of Credit will be used strategically, along with other means of financing, to minimize risk and to maximize corporate value.
Over the next few weeks, the Company will be introducing its partners, updating its progress on recent acquisitions, etc. and developing its schedule and timelines for upcoming projects."