Eco-Stim Energy Solutions secures $2M shareholder loan
Eco-Stim Energy Solutions announced that it has finalized a $2 million secured loan from existing shareholders. The loan will have a one-year term with the proceeds used to prepay a $1 million note scheduled to mature on December 15, 2016, related to previous equipment purchases, as well as for general corporate purposes. Alexander Nickolatos, EcoStim's Chief Financial Officer, commented, "This note is one of the sources of liquidity we discussed on our recent quarterly conference call. We continue to pursue other financing solutions to enhance our liquidity and to fund the future growth of our Company, and believe this transaction is an important signal of support from our shareholders and their confidence in our business plan. We are also pleased that our largest creditor fully cooperated to free up certain collateral and accommodate this shareholder loan."