True North once again amends term notes sold in $3.93 million deal

By Devika Patel

Knoxville, Tenn., Dec. 1 - True North Energy Corp. and its subsidiary ICF Energy Corp. amended certain secured term notes and warrants, according to an 8-K filed Monday with the Securities and Exchange Commission.

The notes, which were previously amended on March 31, were sold to Valens U.S. SPV I, LLC and Valens Offshore SPV II, Corp., with Valens U.S. acting as agent for $3.93 million.

In exchange for 2,222,244 common shares, the investors allowed the company to defer the cash payments due on Nov. 3 and Dec. 1 until the notes are paid off, either on the maturity date or earlier.

From Jan. 1, regularly scheduled monthly amount payments under each note will be due.

The stock payments are being treated as additional interest.

The amendment was required due to the temporary shutdown of the company's producing oil and gas wells in Brazoria County, Texas, as the result of Hurricane Ike. The well has been worked over and was placed on production Nov. 1 at the pre-shut in production rate and higher flowing pressure.

True North is a Houston-based oil and gas company.

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