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CruzSur Energy Corp. Closes $3.35M Convertible Debenture Financing
CruzSur Energy Corp. Closes $3.35M Convertible Debenture Financing Canada NewsWire...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nCruzSur Energy Corp. Closes $3.35M 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, May 7, 2019\n\n\n\nVANCOUVER, May 7, 2019 /CNW/ - CruzSur Energy Corp. (the \"Company\" or \"CruzSur\" ) (TSXV: CZR) is pleased to announce that it has closed its previously announced non-brokered private placement of secured convertible debentures (\"Financing\") for aggregate proceeds of $3,350,000.  \nThe subscribers to the financing have been issued convertible debentures (Debentures\") which will bear interest at the rate of 10% per annum until May 7, 2024. \nThe principal amount of the Debentures are convertible 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 until May 7, 2024.  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.\nThe Debentures and any Units acquired on conversion thereof are subject to a hold period expiring on September 8, 2019.  No finder's fees were paid in connection with the Financing.\nThe Debentures will be secured by a general security agreement on the assets of the Company.\nThe Company intends to use the net proceeds from the financing to restructure the Company's portfolio of assets and settle outstanding liabilities.\nInsiders of the Company were issued Debentures in the aggregate amount of $1,774,000 and, accordingly the Financing is a related party transaction.  Subscribers participating in the Financing who could potentially become a greater than 20% shareholder of the Company upon conversion of the Debentures have undertaken not to convert their Debentures if such conversion would result in them owning 20% or more of the voting securities of the Company, unless and until sharehold...