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Porto Energy to Raise Up to $1.5 Million in a Non-Brokered Private Placement of Units
THE WOODLANDS, TX , Nov. 12, 2013 /CNW/ - Porto Energy Corp., ("Porto" or the "Company") (...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\nTHE WOODLANDS, TX, Nov. 12, 2013 /CNW/ - Porto Energy Corp., (\"Porto\" or\n the \"Company\") (TSXV:PEC), today announced that further to the\n Company's October 7, 2013 press release, it has launched a non-brokered\n private placement of up to 150 Units of the Company (the \"Units\") at a\n price of CDN$10,000 per Unit (the \"Offering Price\") to raise gross\n proceeds of up to CDN$1,500,000 on a reasonable commercial best efforts\n basis (the \"Offering\").  Each Unit issued under the Offering will\n consist of one senior secured convertible debenture with a par value of\n CDN$10,000 (the \"Debenture\") and one common share purchase warrant (the\n \"Warrant\").  Each Warrant will entitle the holder to acquire up to\n 200,000 common shares of the Company (\"Common Shares\") at a price of\n CDN$0.05 per Common Share for a period of up to 36 months from the\n closing date of the Offering.\n\n\nThe Debentures will be direct and senior obligations of the Company\n secured by the common shares of Company's wholly-owned subsidiary\n Mohave Oil and Gas Corporation, which holds the Company's interest in\n seven oil and gas concessions in Portugal and, effective May 31, 2013,\n USD$130 million in tax pools.  The Debentures will bear interest at a\n rate of 8.00% per annum, payable quarterly in arrears, and will mature\n on November 30, 2016 (the \"Maturity Date\").\n\n\nThe Company, at its sole discretion, can elect to satisfy its interest\n commitments through payment in cash or, subject to regulatory approval,\n the issuance of Common Shares.  Subject to regulatory approval, Common\n Shares issued as payment for interest commitments will be issued at a\n price equal to the greater of CDN$0.05 per Common Share or a 10%\n discount to the market price of the Common Shares on the TSX Venture\n Exchange (\"TSXV\").\n\n\nThe Debentures will be convertible at the holder's option into Common\n Shares at any time prior to the close of business on the earlier of:\n (i) the business day immediately preceding the Maturity Date or (ii) if\n called for redemption, on the business day immediately preceding the\n date fixed for redemption, or (iii) if called for repurchase pursuant\n to a change of control, on the business day immediately preceding the\n payment date, at a conversion price of $0.05 per Common Share (the\n \"...