June 2 (Reuters) - Arsenal Energy Inc AEI.TO :
* Arsenal Energy Inc announces amended loan agreement
* Says borrowing base has been redetermined at $6.0 million
* Amending agreement requires company to repay all
outstanding bank borrowings by august 31, 2016
* Has entered into letters of intent to sell 450 boe/d of
canadian production for total proceeds of $12.0 million
* In order to satisfy conditions associated with amending
agreement, company has engaged a chief restructuring officer
* Under terms of amending agreement, company has until June
30, 2016 to cure shortfall
* Intends to use proceeds from sales to reduce and repay
company's outstanding bank debt
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