CALGARY, April 2, 2015 /CNW/ – 3MV Energy Corp. (“3MV” or the “Company“) (TSXV: TMV) is pleased to announce that it has issued 397,474 shares of the Company to Audax Investments Ltd (“Audax“) in relation to interest payable quarterly on the $2MM secured draw down facility term loan. The debt facility bears interest at eight percent (8%) per annum, calculated and payable quarterly at the greater of the volume weighted average market price of the shares of 3MV on the five trading days preceding payment date or the discounted market price based on closing price at payment date. Audax is a corporation controlled by Dallas Duce, Interim CEO, a director and control person of 3MV.
In addition the Company is pleased to announce that it has issued 443,836 shares of the Company in relation to interest payable quarterly on the $6MM drawdown on its secured loan facility with Invico Diversified Income Limited Partnership. The loan facility allows up to 3% of interest payable by way of quarterly share issuance at the greater of the volume weighted average market price of the shares of 3MV on the five trading days preceding payment date or the discounted market price based on closing price at payment date.
Following these issuances, there will be 56,249,911 common shares of the Company issued and outstanding. The issuance of the common shares will not result in a change of control.
About 3MV
3MV is an oil and gas exploration and development company with assets throughout west central Saskatchewan’s Viking oil play.
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.
SOURCE 3MV Energy Inc.
For further information: Dallas Duce, Interim CEO, (403) 234-8998; Billy Abbey, CFO, VP Finance, (403) 234-8998