Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/emerald-bay-enteres-into-a-loan-extension-agreemen.shtmlEmerald Bay enteres into a loan extension agreement
Emerald Bay Energy Inc. has entered into a loan extension agreement (the "Loan") with an arm's length lender (the "Lender") in the principal amount
Edit page New page Hide edit links
Emerald Bay Energy Inc. has entered into a loan extension agreement (the "Loan") with an arm's length lender (the "Lender") in the principal amount of $1,200,000 (the "Loan"). The Loan has been entered into on the same terms as the previous loan agreement, which expired on August 15, 2014.
The Loan will bear interest at a rate of 10% per annum, compounded monthly, with a term ending August 15, 2015, subject to standard prepayment and conversion clauses (principal amount is convertible, at the option of the lender, into common shares of the Corporation at a price per share equal to $0.05).
