By Marisa Wong
Milwaukee, April 9 - Verus Investments Ltd. announced that it has entered into a term sheet for a A$10 million equity drawdown facility with Truestone Capital Specialised Investment Fund.
Subject to terms of the facility, Verus may issue shares to Truestone at any time during the next 12 months. The shares will be priced at 85% of the lowest daily volume-weighted average price of the securities over the preceding five consecutive trading days.
The facility will be used to finance continued exploration and development of the company's oil and gas assets and for potential acquisition opportunities.
Verus is an investment company based in Sydney, Australia.
| Issuer: | Verus Investments Ltd.
|
| Issue: | Equity drawdown facility
|
| Amount: | A$10 million
|
| Tenor: | 12 months
|
| Price: | 85% of lowest daily volume-weighted average price over prior five consecutive trading days
|
| Investor: | Truestone Capital Specialised Investment Fund
|
| Settlement date: | April 9
|
| Stock symbol: | Australia: VIL
|
| Stock price: | A$0.37 at close April 9
|
| Market capitalization: | A$23.35 million
|
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