Company sells to majority shareholder to raise funds for exploration
By Marisa Wong
Madison, Wis., Feb. 23 – ERHC Energy Inc. said it issued a $250,000 convertible note to majority shareholder the Chrome Group.
The 12-month note will bear interest at 8%.
ERHC will use proceeds of the note to execute its exploration work programs and for general administrative expenses.
The company said that in addition to the private placement of convertible notes, it continues to pursue other fundraising sources, including new private-equity investment and farm-outs of its interests in production sharing contracts with the governments of Kenya, Chad and Sao Tome & Principe, respectively.
ERHC is a Houston-based independent oil and gas company focused on exploration in Africa.
| Issuer: | ERHC Energy Inc.
|
| Issue: | Convertible note
|
| Amount: | $250,000
|
| Maturity: | 12 months
|
| Coupon: | 8%
|
| Investor: | The Chrome Group
|
| Announcement date: | Feb. 23
|
| Stock symbol: | OTC: ERHE
|
| Stock price: | $0.007 at close Feb. 20
|
| Market capitalization: | $4.51 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
