Solimar Announces Private Placement and Extension of Debenture Maturity Date
01 February 2014 - 7:27AM
Marketwired
Solimar Announces Private Placement and Extension of Debenture
Maturity Date
MELBOURNE, AUSTRALIA--(Marketwired - Jan 31, 2014) - Solimar
Energy Limited ("Solimar" or the "Company")
(ASX:SXS)(TSX-VENTURE:SXS) is pleased to announce that, subject to
TSXV approval, it intends to complete a non-brokered private
placement for aggregate gross proceeds of up to C$2,000,000 via the
issuance of Units at a price of C$0.065 per Unit. Each Unit will be
comprised of one common share and one half of one right. Each right
will entitle the holder to acquire one warrant upon shareholder
approval of the conversion of the rights to warrants. Assuming
shareholder approval is obtained, each warrant will allow the
holder to purchase one common share of the Company at a price of
C$0.065 for a 24 month period following closing.
The private placement is expected to close in tranches with a
first closing on January 31, 2014.
The Company intends to hold a shareholder meeting before the end
of March 2014 in order for, among other things, shareholders to
vote on, and if deemed appropriate, to approve the conversion of
the rights to warrants.
Following or concurrent with the shareholder meeting the Company
intends to proceed with an ASX rights offering.
In connection with the extension of the debentures issued
pursuant to the debenture indenture dated June 26, 2012, as amended
and restated August 14, 2013, entered into among the Company and
Computershare Trust Company of Canada ("Computershare"), the
Company has granted first priority security to such Debenture
holders over all of the assets of the Company and its subsidiaries
and has instructed Computershare to pay an extension fee of
$250,000 payable rateably and proportionately to such holders on
January 31, 2014. The new maturity date for the debentures is July
31, 2014.
Proceeds of the placements will be used for oil and gas
activities, operating and debt servicing costs.
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.
Reader Advisory: Forward-looking statements
This news release contains forward-looking information relating
to the private placement, planned development and exploration
activities on the properties in which the Company has interests,
and other statements that are not historical facts. Such
forward-looking information is subject to important risks,
uncertainties and assumptions. The results or events predicated in
this forward-looking information may differ materially from actual
results or events. As a result, you are cautioned not to place
undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and
assumptions. While the Company considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect.
Forward looking-information is subject to certain factors,
including risks and uncertainties that could cause actual results
to differ materially from what is currently expected. These factors
include risks associated with the private placement, risks
associated with instability of the economic environments in which
the Company operates or owns interests, oil and gas exploration,
development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other producers, inability to
retain drilling rigs and other services, incorrect assessment of
the value of acquisitions, failure to realize the anticipated
benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, reliance on
key personnel, regulatory risks and delays, including risks
relating to the acquisition of necessary licenses and permits,
environmental risks and insurance risks.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, the Company is under no
obligation and does not undertake to update this information at any
particular time, except as required by law.
ABN 42 112 256 649
Solimar Energy LimitedJason BednarDirector+1 805 643 4100 or
(03) 9347 2409www.solimarenergy.com.au
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