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BRIEF-US OIL SANDS INC ANNOUNCES FINANCING, PR SPRING PROJECT UPDATE, BOARD CHANGES
June 13, 2017 / 7:16 PM / 6 months ago

BRIEF-US OIL SANDS INC ANNOUNCES FINANCING, PR SPRING PROJECT UPDATE, BOARD CHANGES

June 13 (Reuters) - Us Oil Sands Inc

* US OIL SANDS INC. ANNOUNCES FINANCING, PR SPRING PROJECT UPDATE, BOARD CHANGES AND VOLUNTARY DELISTING FROM THE TSX VENTURE EXCHANGE

* SAYS ‍WILL RECONSTITUTE ITS BOARD OF DIRECTORS SUCH THAT NUMBER OF DIRECTORS WILL DECREASE FROM FIVE TO THREE​

* SAYS ENTERED INTO A NON-BINDING LETTER OF INTENT WITH ACMO S.À R.L. FOR A US$5 MILLION SENIOR SECURED CONVERTIBLE LOAN FACILITY

* SAYS WILL BE SEEKING TO OBTAIN FROM A MAJORITY OF DISINTERESTED SHAREHOLDERS WRITTEN CONSENT FOR FINANCING AND DELISTING OF COMMON SHARES FROM TSXV

* SAYS LOAN FACILITY CONSISTS OF US$2.5 MILLION AVAILABLE ON CLOSING

* SAYS IF MAJORITY OF DISINTERESTED SHAREHOLDERS DO NOT PROVIDE CONSENT IN TIMELY MANNER, BOARD WILL LIKELY APPROVE SEEKING CREDITOR PROTECTION

* SAYS LOAN FACILITY CONSISTS A FURTHER US$2.5 MILLION AVAILABLE UPON PROJECT PRODUCING 500 BARRELS PER DAY OF OIL FOR FIVE CONSECUTIVE DAYS

* SAYS BOARD EXPECT THAT UNDER SUCH CREDITOR PROTECTION PROCEEDINGS, IT IS POSSIBLE THAT ALL EXISTING EQUITY HOLDINGS IN CO MAY BE EXTINGUISHED

* SAYS PURSUANT TO LOAN FACILITY TRANSACTION, ACMO WILL CANCEL 24 MILLION WARRANTS ISSUED IN CONNECTION WITH JAN 2017 FINANCING TRANSACTION Source text for Eikon: Further company coverage:

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