Kingsland Energy Corp. is a technology driven Saskatchewan based company focused on exploiting oil opportunities in Southern Saskatchewan, Manitoba and Alberta.
Kingsland Energy arranges private placement, loan
Mr. Mark Kilback reports
KINGSLAND ENERGY CORP. ANNOUNCES PROPOSED PRIVATE PLACEMENT AND ISSUANCE OF CONVERTIBLE DEBENTUREKingsland Energy Corp., conditional upon TSX Venture Exchange approval, will issue 1,051,190 common shares for a price of 18 cents per common share for the gross proceeds of $189,214.20. The private placement is a non-brokered private placement. Currently, Kingsland has 73,681,038 common shares issued and outstanding. After issuance, Kingsland will have 74,732,228 common shares issued and outstanding. Proceeds of the private placement will be used for oil and gas asset acquisition and development.
Conditional upon TSX Venture Exchange approval, the company has entered into a loan agreement in terms whereof it will borrow $615,000 from the lender for a period of two years, bearing interest at 3.5 per cent, payable at maturity. The lender may convert the principal sum to common shares of Kingsland at any time prior to maturity at a price of 30 cents per common share.