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CANASIA ENERGY CORP. - INCREASE IN ANDORA OWNERSHIP
CANASIA ENERGY CORP. - INCREASE IN ANDORA OWNERSHIP Canada NewsWire ...
About this update from Canasia Energy Corp
[{"type":"text","content":"\n \n \n \n CANASIA ENERGY CORP. - INCREASE IN ANDORA OWNERSHIP\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Nov. 21, 2022\n \n \n /CNW/ - CanAsia Energy Corp. (\"CanAsia\") (TSXV: CEC) announced today that on\n \n November 18, 2022\n \n CanAsia elected to convert the outstanding loan balance and accrued interest of the Second Credit Facility with Andora Energy Corporation (\"Andora\") into common shares of Andora.  Pursuant to the Second Credit Facility with Andora dated\n \n November 10, 2020\n \n , and as amended\n \n August 31, 2021\n \n to increase the maximum amount, CanAsia had the option to convert outstanding amounts at a conversion price of\n \n $0.01\n \n per Andora common share.  Further information on Convertible Credit Facilities with Andora is contained in the CanAsia\n \n September 30, 2022\n \n Consolidated Financial Statements.  CanAsia converted the outstanding principal of\n \n $1.3 million\n \n plus accrued unpaid interest of\n \n $94,275\n \n into 139.4 million shares of Andora.  After this conversion, CanAsia holds 211.3 million of Andora common shares, or 88.2% of the total 239.5 million Andora common shares outstanding, which represents an increase of 16.4% in CanAsia ownership.\n \n \n \n \n \n \n \n \n \n CanAsia has not elected to convert any principal and accrued interest amounts under the First Credit Facility with Andora.\n \n \n Further updates with regards to the restart of the Andora Sawn Lake SAGD well pair will be provided in due course.\n \n \n \n CanAsia is a\n \n Calgary, Alberta\n \n based oil and gas company with operations\n \n \n in\n \n Western Canada\n \n .\n \n \n \n \n This press release contains forward-looking information.  Forward-looking information is generally identifiable by the terminology used, such as \"expect\", \"believe\", \"estimate\", \"should\", \"anticipate\" and \"potential\" or other similar wording.  Forward-looking information in this press release includes references, express or.\n \n \n By its...