Woodrose Corporation Announces Completion of Debt Financing
February 18 2014 - 2:18PM
Marketwired
Woodrose Corporation Announces Completion of Debt Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 18, 2014) -
Woodrose Corporation (TSX-VENTURE:WRS.H) ("Woodrose" or the
"Company") is pleased to announce it has completed its previously
announced debt financing to raise gross proceeds of up $450,000
(the "Debt Financing").
Pursuant to loan agreements (the "Loan Agreements") entered into
between the Company and certain lenders (the "Lenders") each Lender
has agreed to loan the Company up to $60,000, which may be drawn
down in advances of $5,000. The loans bear interest at a rate of 8%
per annum and mature on the earlier of: (a) the date the Company
completes its previously announced transaction to acquire 100% of
the outstanding shares of Viking Energy (SC-6 Cadlao) Limited (the
"Proposed Transaction"); (b) the date the letter agreement or any
definitive agreement in respect of the Proposed Transaction is
terminated; and (c) June 30, 2014.
Upon completion of the Proposed Transaction, any amounts
outstanding under the Loan Agreements will automatically convert
into common shares of the Company at a conversion price of $0.50
(post-consolidation) or such other price as the Company completes
its previously announced concurrent financing. In the event the
Proposed Transaction does not complete, the Company will have the
right, at its sole option, to convert any amounts outstanding under
the Loan Agreements into common shares of the Company at a
conversion price equal to the minimum price permitted by the TSX
Venture Exchange.
The Company intends to use the proceeds of the Debt Financing
for working capital and for costs related to the Proposed
Transaction. All securities issued pursuant to the Debt Financing
will be subject to a statutory hold period of four months and one
day from the date of issuance.
ON BEHALF OF WOODROSE CORPORATION
Darren Devine, President, CEO and Director
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.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation, statements about the terms of the Debt Financing and
the use proceeds, are forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and the respective companies undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable securities laws. Investors are cautioned
against attributing undue certainty to forward-looking
statements.
Woodrose CorporationDarren Devine+1 604-638-8067