Ryland Oil Announces Closing of Debt Financing
2009年12月17日 - 7:00PM
Marketwired
Ryland Oil Corporation ("Ryland" or "the Company") (TSX VENTURE:
RYD) is pleased to announce that it has closed the syndicated loan
of CDN$8,000,000 previously announced on November 10, 2009. The
loan is for a term of one year and bears interest at the rate of
10% per annum, calculated annually and payable quarterly. The final
interest payment together with the principal amount are payable on
the first anniversary of the date of the loan. The five lenders are
arms' length to Ryland. In connection with the loan, the Company
has issued 4,571,429 bonus shares at a deemed price of $0.35 per
share to the lenders. The bonus shares are subject to a hold period
expiring on April 16, 2010. Proceeds will be used to pay
outstanding debts and for general working capital.
The Company also announces that it has received approval from
the TSX Venture Exchange respecting the agreement with Fairway
Exploration LLC ("Fairway") previously announced on November 26,
2009, pursuant to which Fairway has agreed to sell to Ryland a 3%
overriding royalty which is held over production from all southeast
Saskatchewan properties held by the Company's wholly owned
subsidiary, Pebble Petroleum Inc. In return for the 3% royalty, the
Company has agreed to pay Fairway a cash payment of US$1,200,000
and issue 1,200,000 common shares at a deemed price of CDN $0.36.
The closing of the sale is pending.
Gerald J. Shields, President
Issued and Outstanding: 193,576,106
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.
Contacts: Ryland Oil Corporation Mr. Jim Welykochy
Vice-President Corporate Development 403.861.1242
www.rylandoil.com
Ryland Oil Corp (TSXV:RYD)
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