Business
Georox completes arrangements with lenders
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nKELOWNA, BC, July 2, 2015 /CNW/ - Georox Resources Inc. (\"Georox\" or the \"Corporation\") (GXR:TSX-V; OF6A:FRA) has completed its previously announced (Press Release dated June 15, 2015) credit extension and payment/drawdown arrangements with its senior lender and its mezzanine lender.\n\nGeorox has now reduced its loan with its principal lender by $1,000,000 to approximately $1,900,00 and received an additional advance from its mezzanine lender, Tallinn Capital Mezzanine Limited Partnership (\"Tallinn\"), of $1,100,000, increasing the Tallinn facility to an aggregate $3,300,000.\n\nIn connection with the additional advance by Tallinn, Georox issued 1,000,000 warrants exercisable for a term of one year for the purchase of common shares at $0.11 per common share. The term of these warrants may be extended, subject to the approval of the TSX Venture Exchange, concurrent with and for a term equal to the extension of the Tallinn loan, to a term of up to two years.  In addition, the warrant \"strike price\" of $0.11 is subject to reduction to any lower private placement price (other than pursuant to share compensation arrangements) in the event that the Corporation completes a private placement in the next six months for a price less than $0.11 per share.\n\nAbout Georox\n\nGeorox is a Canadian natural resource corporation engaged in the acquisition, exploration and development of oil and gas properties in western Canada. \n\nFORWARD-LOOKING STATEMENTS\n\nThis news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as \"will\", \"may\", \"should\", \"anticipate\", \"expects\" and similar expressions.  All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties.  There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  \n\nAlthough Georox believes t...