07/12/2013 07:13 EDT | Updated 09/11/2013 05:12 EDT

Niko Resources secures loan for US$60 million from group of investors

CALGARY - Niko Resources Ltd. (TSX:NKO) says it will receive a loan for US$60 million from a group of institutional investors to help fund its operations.

The oil and gas producer estimates it will receive about US$52.5 million after deducting the original issue discount and other expenses.

The loan will have a seven per cent annual interest rate.

Niko reported a fourth-quarter loss of US$2.1 million, as lower sales of natural gas, crude oil and condensate in India caused revenue to shrink.

Niko has operations in India, Bangladesh, Indonesia, Madagascar, Pakistan and Trinidad.