By Angela McDaniels
Tacoma, Wash., Jan. 19 - TG World Energy Corp. has closed a C$7.5 million secured loan facility with an institutional lender, according to a company news release.
The facility bears interest at 18% per year, is secured by some of the company's Alaskan assets and is repayable in part or full at any time over the next 18 months.
The lender received warrants for 10 million common shares. The warrants expire on Jan. 15, 2012 and have an exercise price of C$0.25.
The proceeds from the facility will be used to fund ongoing exploration in Alaska and Niger and to pursue other oil and gas opportunities.
TG World Energy is a Calgary, Alta.-based junior international oil and gas exploration company.
| Issuer: | TG World Energy Corp.
|
| Issue: | Secured loan facility
|
| Amount: | C$7.5 million
|
| Tenor: | 18 months
|
| Coupon: | 18%
|
| Warrants: | For 10 million common shares
|
| Warrant expiration: | Jan. 15, 2012
|
| Warrant strike price: | C$0.25
|
| Settlement date: | Jan. 18
|
| Stock symbol: | TSX Venture: TGE
|
| Stock price: | C$0.17 at close Jan. 18
|
| Market capitalization: | C$21.41 million
|
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