Stream Oil & Gas Announces Cdn$5.0 Million Bridge Loan
CALGARY, March 28, 2014 /CNW/ - Stream Oil & Gas Ltd. (TSX-V: SKO) ("Stream" or the "Company") announces that the Company has arranged a bridge loan (the "Loan") of Cdn$5.0 million from an individual insider shareholder of the Company (the "Lender"). The Loan is advanced in two tranches of Cdn$3.0 million on execution of loan agreements and Cdn$2.0 million upon the delivery of security in the form of common shares from Sotirios Kapotas (President, Chief Executive Officer and a Director of the Company) and Arian Tartari (Vice President, Albania).
The Loan is for a six-month term and bears interest at 10% per annum, calculated and compounded monthly. The Company may prepay the Loan, in whole or in part, at any time without notice, bonus or penalty. Proceeds from the Loan will be used to provide additional capital to advance Stream's contemplated drilling programs.
The Loan and related transactions are subject to the TSX Venture Exchange's notice requirements.
About Stream Oil & Gas Ltd.
Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production, development and exploration company focused on the re-activation and re-development of three oilfields and a gas/condensate field in Albania. The Company's strategy is to use proven technology, incremental and enhanced oil recovery techniques to significantly increase production and reserves.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Stream Oil & Gas Ltd.For further information:
Dr. Sotirios Kapotas President & Chief Executive Officer P: (403) 531-2358
Susan J. Soprovich, Interim Corporate Secretary P: (403) 874-2903