VANCOUVER, May 7, 2020 /CNW/ - CruzSur Energy Corp. (the
"Company" or "CruzSur") (TSXV: CZR) announces
that pursuant to the convertible debentures issued on May 7, 2019 (the "Convertible Debentures"), the
Company has elected to issue common shares of the Company (the
"Shares") in satisfaction of the aggregate accrued interest owing
on such Convertible Debentures. Under the terms of the Convertible
Debentures, interest has accrued at a rate of 10% per annum
resulting in a total amount owing of $161,343.72 as at May 7,
2020. The Company will satisfy the aggregate accrued
interest owing by issuing 806,719 Shares having a deemed price of
$0.20 per share. The price per share
was determined using the 30-day volume weighted average price of
the Shares on the TSX Venture Exchange (the "TSXV") ending on
May 6, 2020.
The Shares will be subject to a four month hold period in
accordance with applicable Canadian securities laws and are subject
to the acceptance of the TSXV.
About CruzSur Energy Corp.
CruzSur Energy Corp. is a
publicly traded E&P company focused on proven oil & gas
plays in Latin America. The
Company holds a large diversified portfolio of producing,
development and unexploited assets in Colombia and Argentina where it will leverage its amplitude
of technical expertise and proven track record building companies
and creating value.
Complete reports and statements are available on SEDAR at
www.sedar.com and on the Company website
http://www.cruzsur.energy.
Forward-Looking Information
Except for the
statements of historical fact, this news release contains
"forward-looking information" within the meaning of the applicable
Canadian securities legislation that is based on expectations,
estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to, risks related to the Company's
inability to perform the proposed operations.The forward-looking
information in this news release reflects the current expectations,
assumptions and/or beliefs of the Company based on information
currently available to the Company. In connection with the
forward-looking information contained in this news release, the
Company has made assumptions about the Company's ability to
complete the planned operations and activities. The Company has
also assumed that no significant events will occur outside of the
Company's normal course of business. Although the Company believes
that the assumptions inherent in the forward-looking information
are reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein. Any
forward-looking information speaks only as of the date on which it
is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CruzSur Energy Corp.
