SOURCE: Independence Energy Corp.
SEAL BEACH, CA--(Marketwire - Jun 7, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that it has elected to access an initial portion of the $1,000,000 Drawdown Financing facility (the "Financing") currently offered to the Company. Under terms of the Financing agreement, the Company and the funding provider have executed documents to facilitate a $200,000 drawdown against the $1,000,000 balance. Proceeds from this drawdown are intended to be used for new project acquisition, exploration and development, general working capital, or such other purposes as the Company may determine from time to time.
"We are currently evaluating several exciting new joint exploration and development projects for participation in by the Company. Having immediately available cash on hand should improve our negotiating position and allow us to strike quickly when premium opportunities require it," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "After completion of this drawdown tranche, the Company will still have an additional $800,000 in potential funding remaining to be accessed for further acquisitions or working capital. We hope to be able to make more information available regarding new projects over the next few weeks."
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
About Independence Energy Corp.
Independence Energy Corp. is an oil and gas exploration and development company focused on projects in the United States. Independence Energy is seeking to further advance its existing projects through development or offset drilling and to expand its portfolio to include additional property interests in the United States.
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the ability to receive proceeds from the Drawdown Financing facility and the possible acquisition of interests in new projects. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Independence Energy Corp. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Independence Energy Corp. disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.