Pacific Andes Resources Development has announced it is seeking new financing from its lenders, along with new terms for existing financing, in what it called “a prudent approach” in light of a strong El Niño weather pattern predicted for the Pacific region off the coast of Peru.
The company’s board of directors, in a statement said it was seeking the new funding due to the predicted El Niño could have serious negative effects on the company’s operations in Peru.
“The company considers this to be a prudent approach to cash flow management,” the board wrote. “This is also in line with the group’s ongoing objective of managing the maturity of its borrowings to optimize the use of available cash over the next few years.”
The board indicated the company had reached out to “certain bank lenders” it had done business with, but did not specify any amounts or other financial details. The board also advised shareholders to “exercise caution” when dealing in Pacific Andes shares.
