Maple secures US$30mn financing commitment

Maple Energy (AIM: MPLE), an integrated energy company with assets in Peru, announced that it has entered into a standby equity distribution agreement for up to US$30mn with US-based investment fund YA Global Master. The company plans to use proceeds for its ethanol project in Peru and general corporate purposes. "The facility is entirely discretionary and can be drawn upon as required or desired giving Maple certainty and flexibility of funding. Furthermore, the capital can be accessed quickly and at attractive pricing enabling Maple to respond to new opportunities and funding requirements as and when they appear," said Maple CEO Rex Canon.