NEW YORK — Bri-Chem Corp. has secured a Canadian $10-million ($10.1-million) credit facility from Canadian private equity firm Fulcrum Capital Partners Inc.

The Edmonton, Alberta-based distributor and manufacturer of steel pipe and oil and gas drilling fluids intends to use the net proceeds for potential acquisitions, working capital and general corporate purposes, it said.

"This credit facility will allow us to further strengthen and increase our presence in the North America drilling fluids marketplace and seek out new opportunities for additional steel pipe manufacturing micro-mills," Bri-Chem chief executive officer Don Caron said in a statement.