BRIEF-Tesla provides update to credit facility negotiations

Mon Jul 11, 2016 7:16pm EDT
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July 11 (Reuters) - Tesla Exploration Ltd

* Provides update to credit facility negotiations

* Continues to negotiate with its UK and Canadian lenders to reach an agreement to allow company to continue to function as a going concern.

* Says "failure to reach an agreement would have a material adverse effect on company"

* Says it has received notification that current agreement has been extended to July 12, 2016

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