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XXL Energy ( (TSE:XL) ) has issued an announcement.
XXL Energy Corp. announced that its subsidiary, Exxel Energy (USA) Inc., has entered into a US$180,000 loan agreement with Standard Energy, which is owned by John Hislop, the company’s President and CEO. The loan, which is unsecured and carries a 15% interest rate, will be used for general working capital. This transaction is considered a related party transaction under regulatory definitions but is exempt from certain formal valuation and minority shareholder approval requirements.
More about XXL Energy
XXL Energy Corp. is an independent oil and gas exploration and development company with a focus on the Greater Green River Basin of Wyoming, the Piceance Basin of Colorado, and the Pinedale Field of Wyoming.
Average Trading Volume: 3,544
Technical Sentiment Signal: Hold
Current Market Cap: C$1.6M
For a thorough assessment of XL stock, go to TipRanks’ Stock Analysis page.