CALGARY, Alberta, Sept. 21, 2022 (GLOBE NEWSWIRE) — Prospera Energy Inc. (PEI): TSX: PEI-V; OTC (US): GXRFF; FRA (Germany): OF6A
Prospera Energy Inc. (“prospera” or the “group) would like to provide details of its recent real estate acquisitions. Per the Company’s news release dated July 21, 2022, Prospera has completed its debt repayment and working interest acquisition agreements previously described.
Pursuant to an independent debt settlement agreement dated February 16, 2022, the Company has settled approximately $1,700,000 in debt owed to joint venture partner Petrolia Canada Corporation through the acquisition of an undivided 13.423% working interest in Cuthbert, Luseland and Hearts Hill settled properties in Saskatchewan and Alberta (the Characteristics). The Company also agreed to acquire Petrolia’s remaining 14.577% working interest for $585,000 payable in cash of $75,000 and $510,000 through the issuance of convertible debentures pursuant to a purchase and sale agreement and a subscription agreement, both dated January 27, 2022 This transaction resulted in Prospera having an aggregate working interest of 69% in Cuthbert and 84% in Luseland and Hearts Hills at closing.
The convertible debentures are convertible into common stock units at the holder’s option at $0.05 in the first year and $0.10 in the second year, bear interest at 8% per annum and have a term of two years. Each Unit will consist of one common share and one warrant exercisable at $0.075 for two years from issue, subject to the Company’s right to advance the expiry date if the Company’s common shares trade at $0.30 for 20 consecutive days. Accrued interest is to be paid in cash or in shares at the prevailing market price, at the discretion of the Company.
About Prospera
Prospera is a Canadian resource company engaged in the acquisition, exploration, development and production of oil and gas properties and…
