ENP Newswire -
Release date- 10072014 -
The CDs will bear interest at a rate of 12.85% calculated and compounded annually and payable quarterly. The CDs will be convertible into common shares of the Company at a conversion price of
At any time after
Upon the occurrence of a change of control, the Company will be required to purchase the CDs for a cash price equal to 110% of the principal amount outstanding plus accrued and unpaid interest.
To secure the obligations of the Company, a general security agreement on all the assets of the Company and specific security agreements regarding (i) 6,980,001 common shares of
The net proceeds of the CDs will be used for the repayment of the outstanding amount under the Company's
Chief Financial Officer
Tel: (416) 275-4070
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the expected size, timing and completion of the proposed offering of CDs and proposed use of net proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
Such factors include, among others, the effects of general economic conditions, timely receipt of regulatory approvals, a reduction in the demand for the Company's drilling services, the price of commodities, changing foreign exchange rates, actions by government authorities, the failure to find economically viable acquisition targets, title matters, environmental matters, reliance on key personnel, the ability for operational and other reasons to complete proposed activities and work programs, the need for additional financing and the timing and amount of expenditures.
Energold does not assume the obligation to update any forward-looking statement unless required by law.
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