653 0 Kommentare Emerald Bay Announces Loan Extension

CALGARY, ALBERTA--(Marketwired - Oct. 2, 2014) -

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Emerald Bay Energy Inc. (TSX VENTURE:EBY) (the "Corporation" or "Emerald Bay") reports that it 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).

In addition to industry standard security, the Loan is secured by a promissory note and security over the oil and gas assets of the Corporation.

The Common Shares issuable upon exercise of the conversion of the Loan will be subject to a 4-month hold period. The Loan is subject to the acceptance of the TSX Venture Exchange.

About Emerald Bay

Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with production properties in Western Canada and South Texas. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please visit our website at www.emeraldbayenergy.com.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.