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CruzSur Energy Announces US$2.5M Convertible Debenture Financing
CruzSur Energy Announces US$2.5M Convertible Debenture Financing Canada NewsWire ...
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[{"type":"text","content":"\n\n\n\nCruzSur Energy Announces US$2.5M Convertible Debenture Financing\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\nCanada NewsWire\nVANCOUVER, April 11, 2019\n\n\n\nVANCOUVER, April 11, 2019 /CNW/ - CruzSur Energy Corp. (the \"Company\" or \"CruzSur\" ) (TSXV: CZR) is pleased to announce that it has arranged a non-brokered private placement of secured convertible debentures for aggregate proceeds of US$2,500,000, to enable the Company to restructure its portfolio of assets and settle outstanding liabilities.  The lead investor in the financing is Frank Giustra and other insiders are expected to participate in the financing. If any potential placee would upon conversion become a greater than 20% shareholder of the Company, the Company will seek shareholder approval prior to the conversion.\nThe debentures will mature five years from the date of issuance, will bear interest at the rate of 10% per annum and will be secured by a general security agreement on the assets of the Company.  Under the terms of the debentures, the lenders may, at any time prior to the maturity date convert any or all of the principal amount of the debentures into units of the Company at a conversion price of $0.15 per unit.  Each unit will be comprised of one common share of the Company and one share purchase warrant.  Each warrant will entitle the holder to purchase one common share of the Company at a price of $0.15 for a period of five years.  At the option of the Company, accrued interest may be paid in cash or converted into common shares of the Company at the then market price of the Company's common shares, subject to TSX Venture Exchange approval.\nThis financing is subject to TSX Venture Exchange approval.\nAbout CruzSur Energy Corp. \nCruzSur is investing in proven leadership and technology to develop oil and natural gas fields it has acquired in areas surrounding some of the key energy producing areas in Colombia and Argentina. With decades of proven experience in Latin America and global energy development, CruzSur's leadership is working with local part...