CALGARY, ALBERTA–(Marketwired – June 28, 2017) – US Oil Sands Inc. (“US Oil Sands” or the “Company“) (TSX VENTURE:USO), an innovator of oil extraction technologies, announces it approved entering into of an amendment to the loan agreement with ACMO S.à R.L. (“ACMO“), the Company’s largest shareholder, to provide the previously announced US$5 million senior secured convertible loan facility to fund remaining PR Spring Project (the “Project“) start-up costs and to provide working capital for the Company (the “Financing“). It is expected that the Financing will close, subject to the satisfaction of all terms and conditions, on June 30, 2017. For further details on the Financing, please see the Company’s press release dated June 13, 2017.
In conjunction with the Financing, the Company has applied to the TSX Venture Exchange (the “Exchange“) to delist the Company’s common shares (the “Common Shares“) from trading on the Exchange. The Company obtained approval from a majority of disinterested shareholders for the delisting of the Common Shares. The Company expects the Exchange to delist the Common Shares on June 29, 2017 after which time the Common Shares will not be able to be traded on the Exchange.
Upon delisting from the Exchange, the Company will continue to be a reporting issuer under Canadian securities laws and will remain subject to Canadian continuous disclosure requirements.
ABOUT US OIL SANDS INC.
US Oil Sands is engaged in the exploration and development of oil sands properties and, through its wholly owned United States subsidiary US Oil Sands (Utah) Inc., has a 100% interest in bitumen leases covering 32,005 acres of land in Utah’s Uinta Basin. The Company plans to develop its oil sands properties using its proprietary extraction process which uses a bio-solvent to extract bitumen from oil sands without the need for tailings ponds. The Company is in the pre-production stage, anticipating the commencement of bitumen production and sales once it has completed start-up of the Project.