20:06:04 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Wellstar Energy Corp (3)
Symbol WSE
Shares Issued 23,637,768
Close 2015-11-17 C$ 0.055
Market Cap C$ 1,300,077
Recent Sedar Documents

Wellstar Energy borrows $100,000 from two lenders

2015-11-27 19:17 ET - News Release

Mr. Andrew Rees reports

WELLSTAR ENERGY CORP. ISSUES PROMISSORY NOTES

Wellstar Energy Corp. has issued two unsecured promissory notes in respect of a loan made to the company by Fives Enterprize Inc. (Darren Loreth, president) and CD Oil Ltd. (Darren Moore, president), both arm's-length parties, pursuant to which the lenders have agreed to lend the company $100,000. The principal sum under the notes will be paid in 10 equal payments of $11,000 to the lenders on the first day of each month, commencing Jan. 1, 2016, until Oct. 1, 2016.

In consideration of establishing the loan, the company will pay the lenders a bonus of 500,000 common share purchase warrants, with each warrant exercisable to purchase one common share of the company for a period of one year from the date of issuance, at a price of 10 cents. The loan and the granting of warrants to the lender will be subject to the approval of the TSX Venture Exchange. The warrants are subject to a hold period expiring four months from the date of issuance, pursuant to the policies of the TSX-V.

Net proceeds from the loan will be applied toward oil and gas operations, property acquisitions, and general working capital purposes.

We seek Safe Harbor.

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