HONG KONG, CHINA–(Marketwired – Oct. 23, 2015) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES.
Primeline Energy Holdings Inc. (“Primeline” or the “Company“) (TSX VENTURE:PEH) today announced it will now issue 131,647 new Ordinary Shares of Primeline (“Shares“) to GRF Prime Limited (“GRF“) in payment of a portion of interest accrued on US$10,000,000 principal amount Tranche A Convertible Bonds (the “Tranche A Bonds“) issued to GRF on August 14, 2015. GRF is a resources fund managed by GEMS Investment Limited of Hong Kong.
According to the Tranche A Bonds subscription agreement, interest is payable quarterly at 7% per annum, of which 4.5% is to be paid in cash and 2.5% in Shares. The Shares will be issued at a deemed price per Share of $0.21, which is equal to the higher of the closing price of the Shares on the day before, and the volume-weighted average TSX-V trading price of the Shares for the 10 days preceding, the interest payment date of September 15, 2015.
Upon completion of the issue, Primeline will have 178,811,051 shares issued and outstanding.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China natural resources to become a major supplier of gas and oil to the East China market. Primeline has a 100% Contractor’s interest in, and is the operator of, the petroleum contract with CNOOC for Block 33/07 (5,877sq km) and a 49% interest in the producing LS36-1 gas field in Block 25/34, together with CNOOC (51% interest and acting as Operator). Both blocks are located in the East China Sea. LS36-1 has been in production since July 2014. Shares of Primeline are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Ming Wang, Chief Executive Officer
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements.
Neither the 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.
Primeline Energy Holdings Inc.
Dr. Ming Wang
+44 207.499.8888 or Toll Free: +1 877.818.0688
+44 207.499.2288 (FAX)
CHF Investor Relations
Toll Free: +1.877.838.1079
VSA Capital Limited
Head of Corporate Finance