HONG KONG, CHINA--(Marketwired - March 15, 2017) -
Not for distribution to U.S. news wire services, or dissemination in the United States.
Primeline Energy Holdings Inc. (the "Company") (TSX VENTURE:PEH) today announced it will issue 644,505 new Ordinary Shares of Primeline ("Shares") to GRF Prime Limited ("GRF").
The Shares are payment of a portion of interest accrued on US$18 million principal amount Convertible Bonds ("Bonds") issued to GRF, a resources fund managed by GEMS Investment Management Limited of Hong Kong. Interest is payable on the Bonds quarterly at 7% per annum, of which 4.5% is payable in cash and 2.5% in Shares.
The Shares will be issued at a deemed price of CAD$0.235 per Share, yesterday's closing TSX-V price.
Upon completion of the issue, GRF will own 10,923,945 Shares, representing approximately 5.8% of the Company's 189,265,244 Shares issued and outstanding.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China's natural resources to become a major supplier of gas and oil to the East China market. Primeline has a 100% Contractor's interest in, and is the operator of, the petroleum contract with CNOOC for Block 33/07 (5,877sq km) and a 49% interest in the producing LS36-1 gas field in Block 25/34, together with CNOOC (51% interest and acting as Operator). Both blocks are located in the East China Sea. LS36-1 has been in production since July 2014. Shares of Primeline are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Ming Wang, Chief Executive Officer
Please visit the Company's website at www.pehi.com. Should you wish to receive Company news via email, please email firstname.lastname@example.org and specify "Primeline Energy" in the subject line.
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements.
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.