Ivanhoe Energy Inc. announced today that the company's working capital has been augmented by a further US$540 000 provided by founder Robert Friedland.
The new funds are in addition to the US$2.2 million secured bridge loan provided by Mr. Friedland in October 2014, details of which are contained in Ivanhoe Energy's 10 October 2014 news release, and brings the principal amount of Mr. Friedland's short-term loan to US$2.74 million.
The company will make an additional disclosure respecting the status of its strategic and financial review process once the Board of Directors decides to pursue a specific transaction or series of transactions or otherwise determines that the disclosure is necessary or appropriate. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner or at all.
Ivanhoe Energy is an independent international heavy oil exploration and development company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process. Core operations are in Canada, the United States and Ecuador, with business development opportunities worldwide.
Adapted from press release