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U.S Ex-Im Bank Funds INDUSMIN ( 12.3 Mil U.S )
Indusmin Energy Corp. Receives Funding for Kerch Oil Project in Ukraine, 7 wells in the West Field Project, 4 existing wells and 3 new wells.
January 18, 2002 CDNX:IDM
U.S. Export-Import Bank Funds Indusmins Kerch Oil Project
Indusmin Energy Corporation (Indusmin") is pleased to announce that the Export-Import Bank of the United States has confirmed their interest in financing Indusmins Kerch Oil Project in Ukraine. This funding by the Ex-Im Bank will be used to fully develop the West Field.
The Overall West Field Development is comprised of the workover of four (4) existing wells and the drilling of three (3) new wells. The first stage of the project is ongoing, utilizing internal financing sources and private placements from specific investors. The anticipated active participation of the US Ex-Im Bank in the coming months will accelerate the development of the succeeding stages of the project.
In a letter dated December 18, 2001 from the Structured Finance Division of the U.S. Export-Import Bank, said the Ex-Im Bank will furnish support providing the maximum coverage allowed under the OECD Arrangement on Export Credits. Such coverage consists of a loan or guarantee of a commercial bank loan for up to 85% of eligible U.S. costs, an allowance of up to 15% foreign content incorporated into the U.S. equipment and support of local costs up to 15% of the U.S. contract.
Total project cost is estimated at $12,300,000 and total U.S. content is estimated at $10,400,000. Through this funding, the Ex-Im Bank will support the maximum amount of U.S. content requested by Indusmin.
For further information please contact:
Don Robinson
Investor Relations
INDUSMIN ENERGY Corp.
1-800-496-4115 ( North America )
1-866-945-2695 ( International )
dhr@indusmin.com
www.indusminenergy.com
Symbol : IDMNF (U.S.)
Symbol : IDM (Can.)
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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