NEW YORK, June 12, 2017 (GLOBE NEWSWIRE) -- Tec CTL, Inc., a New York-based integrated oil & gas Company announced today that it HAS signed a binding commitment letter with Milost Global, Inc. for the $3 billion working capital facility and both the Company and the investor will be working on the closing documents. The Company also goes on to announce that is has completed a good faith draw down under its previously announced $3 billion working capital facility (“MESA”) in the principal amount of $10 million, the proceeds of which have already been received by the Company in its banking account on June 12, 2017. Milost Global, Inc. under the facility (MESA) will receive senior secured exchangeable notes of the Company (”the Notes”) at a premium price of 200%, bearing an annual interest rate of 5% and repayable quarterly. The financing was arranged, negotiated and secured on our behalf by Palewater Advisory Group and we are excited to be working with them in the future.
Ogaisitse Khama, Vice – Executive Chairman of Tec CTL, Inc. said, “We are excited to have received the proceeds of our initial draw down from Milost Global, Inc. and we look forward to starting the process of developing our first phase (Phungula Plant) in Francistown, Botswana. The funds will help us with our immediate capital needs such as payroll and so forth. We thank our advisors, Palewater Advisory Group (PAG) for pulling this together."
Egerton Forster, Co-founder & CEO of Milost Global, Inc. said, "We believe in Tec CTL, Inc. and we are looking forward to playing a central role in helping the Company reach its goals. The $10 million we provided them with today will allow them to channel the wheels to the right direction and now the ball is on their court."
About Tec CTL, INC.
Tec CTL is a New York-based, vertically integrated United States oil & gas corporation. The company explores, develops and produces oil, gas and chemicals. It owns four projects in Botswana and the same have the capacity to produce a total of 80,000 bpd and seeks to increase through inorganic growth within Africa and elsewhere. www.tecctl.com
About MILOST GLOBAL, INC.
Milost Global, Inc. is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. www.milostglobal.com