Norstra Energy completes $250,000 private placement of 10% convertible

Secured note due July 30, 2015 sold to Jackson Bennett in offering

By Devika Patel

Knoxville, Tenn., Oct. 4 - Norstra Energy, Inc. sold a $250,000 convertible secured promissory note to Jackson Bennett, LLC on Sept. 10, according to an 8-K filed Friday with the Securities and Exchange Commission.

The 10% note matures on July 30, 2015 and is convertible into common shares at $0.50 per share, a 66.67% premium to the Sept. 9 closing share price of $0.30.

The oil and gas explorer is based in Spokane, Wash.

Issuer:	Norstra Energy, Inc.
Issue:	Convertible secured promissory note
Amount:	$250,000
Maturity:	July 30, 2015
Coupon:	10%
Conversion price:	$0.50
Conversion premium:	66.67%
Warrants:	No
Investor:	Jackson Bennett, LLC
Settlement date:	Sept. 10
Stock symbol:	OTCBB: NORX
Stock price:	$0.30 at close Sept. 9
Market capitalization:	$14.15 million

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