Mr. Jim Zuidema reports
NESSCAP ANNOUNCES COMPLETION OF US $1 MILLION CONVERTIBLE NOTE FINANCING
Nesscap Energy Inc. has completed a non-brokered private placement of a $1-million (U.S.) convertible note with I2BF Energy Ltd. The proceeds of the offering will be used for working capital.
The offering constitutes the second tranche of the bridge financing previously announced on April 8, 2014. The offering was made on the following terms and conditions: (i) the note has a maturity date of April 1, 2015; (ii) the conversion price is 10 cents per common share; and (iii) the interest rate is 10 per cent per year. The note is also unsecured and ranks equally with other unsecured creditors of Nesscap. Nesscap can prepay the outstanding principal and interest on the note, in whole or in part, at any time without premium or penalty.
We seek Safe Harbor.
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