Terra Nova Closes $1.905 Million Convertible Note Financing
08 Juillet 2013 - 3:29PM
Access Wire
July 8, 2013 - Vancouver, British Columbia - Terra Nova Energy
Ltd. ("Terra
Nova") is pleased to announce that
it has closed its previously announced private placement financing
by issuing $1,905,000 of convertible notes (the "Offering"). The
convertible notes issued in the Offering will bear interest at a
rate of 10%, payable annually, and will mature and be payable one
year from the date of issuance (the "Notes").
The Notes
are convertible at the option of the holder into common shares of
Terra Nova at a conversion price of $0.11 per share. Terra Nova may
elect to settle any accrued and unpaid interest through the
issuance of such number of common shares of Terra Nova determined
by dividing the interest accrued by the closing price of Terra
Nova's common shares on the TSX Venture Exchange on the last
trading day preceding the interest payment date.
Under the
Offering, Terra Nova issued finders a total of 818,181 share
purchase warrants ("Finder's Warrants"). Each Finder's Warrant is
exercisable at a price of $0.11 per share for a period of 1 year
from the date of issue.
The securities issued
will be subject to a hold period expiring on October 29, 2013
pursuant to applicable Canadian securities laws and the rules of
the TSX Venture Exchange.
The securities described herein have not been, and
will not be, registered under the United States Securities Act of
1933, as amended, (the "U.S. Securities Act") or any state
securities laws, and accordingly, may not be offered or sold within
the United States except in compliance with the registration
requirements of the U.S. Securities Act and applicable state
securities requirements or pursuant to exemptions therefrom. This
news release does not constitute an offer to sell or a solicitation
of an offer to buy any of Terra
Nova's securities in the United States.
Proceeds of the
Offering will be used to fund Terra Nova's seismic program on PEL
444 as well as for general working capital and corporate
purposes.
Resignation of Director
Terra Nova also
announces that James Hutton has resigned from its board of
directors. Terra Nova wishes to thank Mr. Hutton for his
contribution as a member of its board of directors.
About
Terra Nova Energy Ltd.
Terra
Nova Energy Ltd. is an oil and gas company with a right to acquire
up to a 55% working interest in two onshore petroleum exploration
licenses ("PELs"), being PEL 112 and PEL 444, located on the
western flank of the Cooper Eromanga Basin in the State of South
Australia, Australia. Its common shares trade on the TSX Venture
Exchange under the symbol "TGC".
For more information
please contact:
Terra Nova Energy Ltd.
Nico
Civelli
VP Finance
+41 44 217 4804
civelli@niconsult.ch
Forward looking information
This news release contains forward-looking
information relating to Terra Nova's intentions to conduct the
seismic program and subsequent drilling programs and other
statements that are not historical facts. Such forward-looking
information is subject to important risks and uncertainties that
could cause actual results to differ materially from what is
currently expected, for example: risks related to Terra Nova's
ability to complete the proposed convertible note financing, oil
and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of
commodity prices, currency fluctuations, competition from other
producers, inability to retain drilling rigs and other services,
reliance on key personnel, and insurance risks. In making such
forward-looking statements, Terra Nova has relied upon certain
assumptions relating to geological settings, commodity prices, the
stability of markets and currencies, the availability of capital,
and Terra Nova's ability to continue with the seismic and drilling
programs. You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While Terra Nova may elect to, Terra Nova is under no
obligation and does not undertake to update this information at any
particular time, except as required by applicable securities
law.
Neither the 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.
Terra Nova Energy Ltd. (TSXV:TGC)
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