Terra Nova Announces Amendment to $2 Million Convertible Note Financing
June 12 2013 - 11:23AM
Access Wire
June 12, 2013 - Vancouver, British Columbia - Terra Nova Energy
Ltd. ("Terra Nova") announces that it has amended its previously
announced private placement financing of up to $2,000,000 of
convertible notes (the "Offering"). The terms of the convertible
notes has been amended such that the conversion price has increased
from $0.10 per share to $0.11 per share.
The convertible notes will continue to bear interest at a rate
of 10%, payable annually, and will mature and be payable one year
from the date of issuance. 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.
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.
Closing of the proposed Offering is subject to a number of
conditions, including receipt of all necessary corporate and
regulatory approvals, including approval 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.
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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