Vancouver, BC / ACCESSWIRE / July 3, 2014 / Terra Nova Energy Ltd. ("Terra Nova") (TSX-V: TGC OTCQX: TNVMF) announces that it has issued a total of 3,681,816 common shares in connection with the conversion of CAD $405,000 of its previously issued 10% convertible notes at a price of $0.11 per share. Terra Nova also agreed to extend the term of the remaining CAD $1,500,000 convertible note for an additional six month period and such note will be convertible into common shares of Terra Nova at a conversion price of $0.11 per share.
In accordance with the terms of the 10% convertible notes, Terra Nova will issue 1,270,000 common shares at a deemed price of $0.15 per share in order to settle accrued and unpaid interest of CAD $190,500 due under its 10% convertible notes.
The issuance of the interest shares and the extension of the outstanding convertible note are subject to the approval of the TSX Venture Exchange.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is an oil and gas company with a right to acquire up to a 55% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol "TGC" and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol "TNVMF."
For more information please contact:
Terra Nova Energy Ltd.
Chief Financial Officer
T: 604-806-0626 ext. 101
Email: [email protected]
T: +41 44 217 4804
Forward looking information
This news release contains forward-looking information relating to Terra Nova's intentions to conduct the seismic program and subsequent drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Terra Nova will be successful in making such findings in the Western Flank. In making such forward-looking statements, Terra Nova has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies, the availability of capital, and Terra Nova's ability to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Terra Nova may elect to, Terra Nova is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
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.
SOURCE: Terra Nova Energy Ltd.