CALGARY,
AB, Nov. 21, 2022 /CNW/ - CanAsia Energy Corp.
("CanAsia") (TSXV: CEC) announced today that on November 18, 2022 CanAsia elected to convert the
outstanding loan balance and accrued interest of the Second Credit
Facility with Andora Energy Corporation ("Andora") into common
shares of Andora. Pursuant to the Second Credit Facility with
Andora dated November 10, 2020, and
as amended August 31, 2021 to
increase the maximum amount, CanAsia had the option to convert
outstanding amounts at a conversion price of $0.01 per Andora common share. Further
information on Convertible Credit Facilities with Andora is
contained in the CanAsia September 30,
2022 Consolidated Financial Statements. CanAsia
converted the outstanding principal of $1.3
million plus accrued unpaid interest of $94,275 into 139.4 million shares of
Andora. After this conversion, CanAsia holds 211.3 million of
Andora common shares, or 88.2% of the total 239.5 million Andora
common shares outstanding, which represents an increase of 16.4% in
CanAsia ownership.
![CanAsia logo (CNW Group/CanAsia Energy Corp.) CanAsia logo (CNW Group/CanAsia Energy Corp.)](https://mma.prnewswire.com/media/1951480/CanAsia_Energy_Corp__CANASIA_ENERGY_CORP___%C2%A0INCREASE_IN_ANDORA_O.jpg)
CanAsia has not elected to convert any principal and accrued
interest amounts under the First Credit Facility with
Andora.
Further updates with regards to the restart of the Andora Sawn
Lake SAGD well pair will be provided in due course.
CanAsia is a Calgary,
Alberta based oil and gas company with operations in
Western Canada.
This press release contains forward-looking
information. Forward-looking information is generally
identifiable by the terminology used, such as "expect", "believe",
"estimate", "should", "anticipate" and "potential" or other similar
wording. Forward-looking information in this press release
includes references, express or. By its very
nature, the forward-looking information contained in this press
release requires CanAsia and its management to make assumptions
that may not materialize or that may not be accurate. In
addition, the forward-looking information is subject to known and
unknown risks and uncertainties and other factors, some of which
are beyond the control of CanAsia, which could cause actual
results, expectations, achievements or performance to differ
materially. Although CanAsia believes that the expectations
reflected in its forward-looking information are reasonable, it can
give no assurances that those expectations will prove to be
correct. CanAsia undertakes no obligation to update publicly
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CanAsia Energy Corp.