The American Energy Group, Ltd. Announces Sale of Shares and Loan Transaction
Oct 31, 2014
OTC Disclosure News Service
The American Energy Group, Ltd. (AEGG) announced today that it has sold
200,000 Common Shares to an individual investor for a cash consideration
of $0.15 per share or a total consideration of $30,000 to the Company.
The Company also announced that it has entered into a loan transaction
with an institutional investor for the borrowing of $75,000. The
proceeds of the sale and the loan will be used for general and
administrative operating capital and legal expenses. The terms of the
loan include a maturity date of August 5, 2015, an interest rate of 5.0%
per annum and debt reduction payments prior to maturity only out of 25%
of any proceeds of hydrocarbon production received by the Company, any
ICC refunds, or any lump sum settlement payments from any participant.
The loan is secured by a lien on the Company’s non-producing Texas oil
and gas interests. The loan also includes the issuance to the lender of
500,000 warrants to purchase the Company’s common stock at $0.15 per
share until February 5, 2016.
This news release contains forward-looking statements, including
estimated time lines for future events. Forward-looking statements
include statements concerning plans, objectives, goals, strategies,
future events, or performance and underlying assumptions and other
statements, including potential production rates and potential reserves,
which estimates are unproven and not based upon actual production data
or historical facts. Forward-looking statements are subject to
uncertainties and risks including, but not limited to, economic
conditions, drilling risks and actual operating conditions and results,
deviation in costs of critical equipment and services, deviation in
production decline rates, the impact of competition and commodity
pricing, and domestic and foreign governmental regulation and approvals.
All forward-looking statements in this disclosure, whether made by, or
on behalf of the Company or by or on behalf of the project operator, are
expressly qualified by the above cautionary statements and any other
cautionary statements which accompany the forward-looking statements. In
addition, the Company disclaims any obligation to update forward-looking
statements to reflect events or circumstances after the date hereof.
For further information contact Pierce Onthank, President and CEO at
(203) 222-7315 or firstname.lastname@example.org.
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