CALGARY, ALBERTA–(Marketwired – June 5, 2014) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Emerald Bay Energy Inc. (TSX VENTURE:EBY) (the “Corporation” or “Emerald Bay“) reports that it has previously entered into a loan agreement (the “Loan“) in the principal amount of USD$150,000 (the “Loan“) with a corporation controlled by a shareholder of the Corporation (the shareholder controls, directly or indirectly, approximately 7.74% of the outstanding shares of the Corporation) (the “Lender“). The Loan was original made to the Corporation in 2012 to assist with certain drilling commitments of the Corporation and was subsequently extended and revised on January 1, 2014. The Loan bears interest at a rate of 12% per annum, with a term ending December 31, 2014. At the option of the Lender, and subject to TSX Venture Exchange approval, the outstanding balance (or any portion outstanding) may be converted into common shares of the Corporation at a conversion price of $0.05 per common share.
In addition to industry standard security, the Loan is secured by a promissory note and security over specific monthly production from certain assets of the Corporation.
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.
Shelby D. Beattie
CHF Investor Relations
Senior Account Manager
(416) 868-1079 x228