On February 8, 2024, NG Energy International Corp. ("NGE") finalized a definitive credit and guarantee agreement with Macquarie Group for financing up to $100 million USD ($133 million CAD), including $50 million USD ($66.5 million CAD) in committed funding. The credit agreement is secured by a first priority lien over NGE’s assets and matures on December 29, 2028. The funds will be used to streamline the company's capital structure, optimize its balance sheet, reduce leverage, guarantee work commitments in Colombia, and support general corporate purposes.

On the closing date, $40 million USD ($53.2 million CAD) of the committed portion was advanced, with an additional $10 million USD ($13.3 million CAD) to follow. The financing carries an interest rate of Term SOFR plus a maximum of 8.50% per annum with a performance-based step-down margin. In connection with the financing, NGE issued 20,742,857 common share purchase warrants to Macquarie, exercisable at $1.00 CAD per share until December 2028.

Macquarie will also receive an upfront fee of 1.5% of the loan amount, a structuring and arranger fee of 2%, and an administrative agent fee of $100,000 USD ($133,000 CAD) annually. Total fees payable on the closing date amounted to approximately $1.85 million USD ($2.46 million CAD).

Legal advisors for this transaction included internal counsel for NGE and external legal advisors for Macquarie. The financing, subject to regulatory approvals, marks a significant milestone for NGE, providing substantial financial flexibility and supporting the company's growth trajectory in the energy sector.