The purpose of the financing is to allow Caspian to pay certain permitted expenses including professional fees to its advisors, administrative expenses, pre-agreed salaries and fees to its directors and officers and other past amounts due.
As of the date hereof Meridian, together with related parties, holds 84,412,894 common shares of Caspian ("Common Shares") representing approximately 64% of the Common Shares outstanding. Meridian has the right to convert its portion of the principal amount of the advance into Common Shares at a conversion price of Cdn.
The number of Common Shares issuable to Meridian upon conversion (using a conversion price of Cdn.
For more information about the Loan Agreement please refer to the news release issued by the Caspian on July 7th, 2014.
This news release is being issued pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators.
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