LONDON, ON Sept. 28 /CNW/ - Greentree Gas & Oil Ltd. (TSXV-GGO)
("Greentree" or the "Company") is pleased to announce that it has successfully
completed the non-brokered private placement of convertible debentures. The
Company issued $260,000 of convertible unsecured debentures bearing interest
at 12% per annum, payable quarterly and maturing on July 1, 2012.
The debentures are convertible at the option of the holder into common
shares of Greentree at $0.24 per share during the first two years, $0.27 per
share during the third year, $0.30 per share during the fourth year and $0.33
per share in the last year before maturity. The Company may redeem the
debentures on thirty (30) days' notice provided that its common shares have
traded at prices not less than $0.50 per share in the 30 days immediately
preceding the date of such notice if notice is given in before July 1, 2009,
at $0.55 per share if notice is given in the third year, $0.60 per share if
notice is given in the fourth year, and $0.65 per share if notice is given in
the last year before maturity.
The company has 38,684,247 common shares outstanding.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Duncan Hamilton, M.Sc., P. Geol., President, or
Patrick Uzan, B.A., C.A., Chief Financial Officer, Greentree Gas & Oil Ltd.,
207-209 Consortium Court, London, Ontario, N6E 2S8, Telephone: (519) 681-9355,
Facsimile: (519) 681-3887, email: Greentree.email@example.com