Saturn Oil + Gas Announces Financing
- Jun 09 2017
Saskatoon, June 9th, 2017 – Saturn Oil + Gas Inc. (“Saturn” or the “Company”) (TSX.V: SMI) (FSE: SMK) announces that it has entered into an credit agreement with Digistore24 GMBH, (the “Lender”) whereby the Company is to obtain financing (the “Financing”) by way of a secured convertible promissory note in the principal amount of CAD$1,000,000 (the “Note”). The proceeds of the Financing will be used for general working capital purposes.
The Note is secured against the Company’s interests in certain petroleum and natural gas leases located in the Province of Saskatchewan and certain exploration permits in areas located directly above the potash exclusion zone in eastern Saskatchewan. The Note will bear interest at a rate of 5% per annum, accrued and calculated monthly, and will mature on May 15, 2018. At the option of the Lender, the Note is convertible into common shares of the Company at a price of $0.10 per common share, as permitted by the policies of the TSX Venture Exchange (the “Exchange”). The completion of the Financing remains subject to Exchange approval.
The Note, and any securities issued by the Company upon conversion of the Note, are subject to a four month and a day statutory hold period.
About Saturn Oil + Gas Inc.
Saturn Oil + Gas Inc. (TSX.V: SMI) (FSE: SMK) is a public energy Company focused on the acquisition and development of undervalued, low risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.
To learn more, please contact the Company at +1 (306) 291-2461 or visit: www.saturnoil.com
On Behalf of the Board of Directors
SATURN OIL + GAS INC.
John Jeffrey, MBA – CEO & Director
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. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.