SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

December 22, 2009 09:30 ET

SKANA Capital Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Dec. 22, 2009) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces that it has advanced Ryland Oil Corporation ("Ryland") loan proceeds of $3,500,000 as part of an $8 million syndicated loan offering by Ryland. The loan has a one year term and bears interest at a rate of 10% per annum calculated annually and payable quarterly. The loan is secured by a charge on the assets of Ryland and its wholly owned subsidiary, Pebble Petroleum Inc. SKANA received 2,000,000 bonus shares of Ryland as partial consideration for the loan at a deemed price of $0.35 per share. The bonus shares are subject to a four month hold period which expires on April 16, 2010. The loan and issuance of the bonus shares to SKANA has been approved by the TSX Venture Exchange.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes have significant potential for appreciation through its financial involvement and guidance.

Neither the 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.

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    Chairman
    (604) 669-4899