U.S. Energy closes $20M debt facility for carbon hub project

U.S. Energy Corp. (NASDAQ:USEG) secured a $20 million senior secured debt facility to fund the first phase of its Big Sky Carbon Hub project in Montana, targeting commercial operations by Q1 2027. This financing, combined with recent equity offerings, addresses funding needs for the project which will generate revenue from helium, carbon management, and oil. The company also confirmed it is suspending further use of its existing equity line of credit, citing its current stock price and financial health, including burning cash and negative free cash flow.

HNT-1.69%
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