Bakken Resources could raise $11 million via debt, equity financing

Eagle Private Equity is the investor; loan converts to preferred stock

By Devika Patel

Knoxville, Tenn., May 9 – Bakken Resources, Inc. said it has negotiated a term sheet with Eagle Private Equity for an $11 million debt and equity financing.

The company and investor have agreed to an immediate $1 million credit line with a subsequent debt or equity financing of up to $10 million. Loans made under the initial $1 million credit line may be converted into preferred stock.

Proceeds will be used to acquire mineral assets.

The oil and natural gas producer is based in Helena, Mont.

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