Terra Nova Closes $1.905 Million Convertible Note Financing
30 Julho 2013 - 3:15PM
OTC Markets
Terra Nova Closes $1.905 Million Convertible Note
Financing
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.
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