By Sheri Kasprzak
New York, Jan. 10 - Empire Energy Corp. International settled a $4 million loan on behalf of its subsidiary Great South Land Minerals Ltd.
Wind City Inc. funded the loan, which bears interest at Prime rate plus 400 basis points and is due May 31, 2008.
The investor received two tranches of warrants - one for 26,666,667 class A shares and one for 33,333,333 class A shares. Both tranches of warrants are exercisable at $0.15 each through Nov. 30, 2007.
Great South Land used the proceeds to fund seismic services provided by Terrex Seismic and to purchase a new mobile oil drill rig. The rest will be used for general corporate purposes.
Based in Lenexa, Kan., Empire Energy is an oil and natural gas exploration company with properties in Tasmania.
| Issuer: | Empire Energy Corp. International for Great South Land Minerals Ltd.
|
| Issue: | Loan
|
| Amount: | $4 million
|
| Maturity: | May 31, 2008
|
| Coupon: | Prime rate plus 400 bps
|
| Warrants: | For 26,666,667 class A shares; for 33,333,333 class A shares
|
| Warrant expiration: | Nov. 30, 2007
|
| Warrant strike price: | $0.15
|
| Investor: | Wind City Inc.
|
| Settlement date: | Jan. 5
|
| Stock symbol: | OTCBB: EEGC
|
| Stock price: | $0.09 at close Jan. 5
|
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