CALGARY, Oct. 9, 2015 /CNW/ – 3MV Energy Corp. (“3MV” or the “Company“) (TSXV: TMV) is pleased to announce that it has issued 814,032 shares of the Company to Audax Investments Ltd (“Audax“) in relation to interest payable quarterly on the $2,000,000 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. During the period ended September 30, 2015, Audax has further increased the term loan beyond its original $2,000,000 limit to $2,044,289. Audax is a corporation controlled by Dallas Duce, Interim CEO, a director and control person of 3MV.
Following these issuances, there will be 58,756,426 common shares of the Company issued and outstanding. The issuance of the common shares will not result in a change of control.
3MV is an oil and gas exploration and development company with assets throughout west central Saskatchewan’s Viking oil play.
SOURCE 3MV Energy Inc.