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True North Energy Corporation Signs Letter of Intent (LOI) to raise up to $5 million in Growth Capital from Southridge Partners II, LP
True North Energy Corporation Signs Letter of Intent (LOI) to raise up to $5 million in Growth Capital from Southridge Partners II, LP.
About this update from True North Energy Corp.
[{"type":"text","content":"\n\n\n\nTrue North Energy Corporation Signs Letter of Intent (LOI) to raise up to $5 million in Growth Capital from Southridge Partners II, LP\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\nTrue North Energy Corporation Signs Letter of Intent (LOI) to raise up to $5 million in Growth Capital from Southridge Partners II, LP\nPR Newswire\nSPRING, Texas, Dec. 18, 2013\n\n\n\nSPRING, Texas, Dec. 18, 2013 /PRNewswire/ -- True North Energy Corp. (\"True North\") (OTC Pink: TNEN) today announced that it has signed a letter of intent (LOI) with Southridge Partners II, LP, (\"Southridge\"), an institutional investor, outlining terms for an equity purchase agreement (EPA) in the amount of $5 million, which if funded, will create significant growth capital for True North.\n\nUnder terms of the LOI, upon execution of the EPA, and subject to certain closing conditions, True North will have the right, but not the obligation to sell, from time to time, up to $5 million of its common stock to Southridge under terms deemed favorable by management by submitting a Draw Down Notice in an amount that the company determines. \n\nIn order to Draw Down on the EPA, True North will need to have obtained effectiveness of a Form S-1 registration statement with the Securities and Exchange Commission, a process which it plans to initiate in 2014, funding permitting.  \n\n\"We are pleased to be partnering with Southridge, an institutional investor with a long, reliable history of providing capital to the small cap space. We believe this capital will be sufficient to fund our growth strategy,\" commented Gilbert Steedley, CEO of True North, who continued,  \"We believe that the terms of this agreement are favorable to our shareholders and provide True North with the best opportunity to execute its business plan and deliver long-term shareholder value. We are thankful for the confidence Southridge has shown in True North, our management, and our strategy.\"\n\n\"True North Energy Corporation, with its recent collaboration agreements and its progress in improving its debt to asset ra...