Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/porto-energy-signs-a-non-binding-term-sheet-for-a-.shtmlPorto Energy signs a non-binding term sheet for a US$15 million convertible promissory note financing
Porto Energy Corp., announced that Porto and its wholly-owned subsidiary Mohave Oil and Gas Corporation
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Porto Energy Corp., announced that Porto and its wholly-owned subsidiary Mohave Oil and Gas Corporation ("Mohave" or the "Company") have entered into a non-binding term sheet (the "Agreement") with Integrity Growth Capital LLC (the "Lead Investor Representative") on behalf of accredited investors, for a private placement of senior unsecured convertible promissory notes (the "Notes") in the principal minimum amount of US$10 million and up to US$15 million (the "Financing").
The proceeds from the Financing will be used to drill, test and complete one Lias unconventional resource well and for other corporate purposes as determined by a Committee of the holders of Notes.
