Canacol Energy Ltd. Announces Renewal of Short-Term Loan
Sponsored LinksCALGARY, ALBERTA–(Marketwire – April 24, 2009) – Canacol Energy Ltd. (”Canacol” or the “Corporation”) (TSX VENTURE:CNE) is pleased to announce that it has today renewed a short-term loan (the “Loan”) in the amount of 5,000. The Loan bears interest at a rate of 15% per annum, compounded annually. The Loan will become payable in full on June 4th, 2009 (”Maturity Date”). The Lender will received a bonus of common shares of Canacol equivalent to 10% of the value of the Loan based upon the closing price of such shares on the day immediately preceding the date of renewal the Loan. Further, in the event that Canacol does not repay the loan on the Maturity Date, the Lender will be issued common shares of Canacol equivalent to 16% of the value of the Loan based upon the closing price of such shares on the Maturity Date. As part of the Loan, the Corporation will pay a 5% commission by way of cash and common shares in the Corporation to a firm who is an arm’s-length party to the Corporation.
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