Use of proceeds will include the re-payment of its Senior Secured Debt with Macquarie Bank Limited, the payoff of all trade debt associated with the Hanson Energy Oil and Gas Assets, and the payoff of two notes, that are now mature due to the divestiture of the assets, in the amount of approximately $725,000.00 leaving the Company enough surplus cash to successfully close on the acquisition of certain South Eastern New Mexico Permian Age producing oil assets described in the Company's press release dated June 15, 2010.
The 2 notes are in the $725,000. Am I reading incorrectly?
I see $3,325,000 left from the recent sale of the Hanson property.
$3,325,000 - $1,700,000 for the acquistion of the new property would = $1,625,000 to the good. Keep in mind this acquisition was originally $1,800,000 but once again Will and the BODs came through.