CALGARY, Alberta, Sept. 10, 2018 (GLOBE NEWSWIRE) — Strategic Oil & Gas Ltd. (TSXV:SOG) (“Strategic” or the “Company”) has undertaken a non-brokered private placement of up to $4.2 million in convertible notes (“New Notes”). The New Notes bear interest at 8% per annum, payable semi-annually, mature on the same date as the existing convertible notes and are convertible into common shares of the Company at a conversion price of $0.165 per common share, subject to exchange approval. The Company has received commitments from noteholders representing over 95% of senior convertible notes currently outstanding (“Senior Notes”) to subscribe for New Notes for an amount approximately equivalent to the interest payment received on August 31, 2018, or $4.0 million. The New Notes are currently unsecured, but it is the Company’s intent to amend the trust indenture governing the Senior Notes to include the New Notes under the indenture, thereby providing the same security as the Senior Notes.
President & Chief Executive Officer
|Strategic Oil & Gas Ltd.
1100, 645 7th Avenue SW
Calgary, AB T2P 4G8