MARION INCREASES AMOUNT DRAWN AGAINST CONVERTIBLE LOAN FACILITY WITH LA JOLLA COVE INVESTORS, INC
Marion Energy limited (ASX:MAE, MAEO, MAEOA) advises that it has drawn down a further US$600,000 against its US$ 6 million Convertible Loan Agreement with La Jolla Cove Investors, Inc. The Company entered into this Agreement in December 2010 and the latest drawdown takes the total amount
drawn to date to US$1.1 million.
Of the amount drawn down, US$633,845 has from time to time been converted by La Jolla into a total of 36,933,322 shares pursuant to the terms of the Convertible Note Agreement. The loan balance, US$466,155, remains outstanding.
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