Tidelands raising US$5mn for projects
Bnamericas Published: Wednesday, December 31, 2003
Texas-based Tidelands Oil and Gas has secured a bridge financing agreement with Swiss investment company Margaux Investment Management Group for the purchase of up to US$5mn in Tidelands stock, the oil company announced. The company has received US$1mn to date and can use the financing over the next 12 months on an as-needed basis. The financing scheme allows Tidelands to fund ongoing projects until it finalizes payment arrangements with clients. One such project is the recently announced work to design, build and operate an underground natural gas storage facility for Mexico's federal oil company Pemex, Tidelands said.
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