Calgary, Alberta--(Newsfile Corp. - January 21, 2019) - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") announces that the Company will issue common shares of the Company in satisfaction of a portion of the interest payable in respect of its outstanding convertible debentures.
The Company has outstanding convertible debentures in the principal amount of $1.5 million that bear interest payable semi-annually at a rate of 12% per annum and entitle the Company to pay up to 50% of an interest payment in common shares. The Company will issue a total of 33,541 common shares at a price of $1.36 per share in satisfaction of interest in the amount of $45,616, representing 50% of the interest payable on January 21, 2019. The issuance of the common shares is subject to the approval of the TSX Venture Exchange.
At the request of the TSX Venture Exchange, the Company also wishes to confirm that in connection with the private placement of common shares of the Company that was announced on November 9, 2018, the Company paid a cash commission of 6% of the gross proceeds of the offering to the syndicate of agents.
About Cuda Oil and Gas Inc.
Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties across North America. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long term focus on large, light oil resource based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.
For further information please contact:
President and Chief Executive Officer
Cuda Oil and Gas Inc.
This news release contains forward-looking information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, this news release includes forward-looking information relating to the issuance of common shares in satisfaction of interest payable pursuant to convertible debentures. Risk factors that could prevent forward-looking statements from being realized include market conditions, ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future oil and gas prices. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither 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.