March 1st, date of extraordinary shareholders meeting:
The date has been set for March 1st. I called the company
and was told that there would be no further press releases
other than the Dec. 21 release:
Convertible Debenture and Private Placement Announced
The Company has arranged a convertible debenture financing of $540,000, bearing interest at
8.5% per annum and convertible into units at the rate of $0.27 per unit. Each unit comprises one
common share in the capital of the company and one non-transferable share purchase warrant. The
debenture will have a term of five (5) years and conversion into units can occur at any time during
the debenture term. The warrants will expire upon the earlier of five (5) years from the date of
issuance of the convertible debenture, and two (2) years after conversion of the debenture. Each
warrant entitles the holder to acquire a further common share of the company for $0.27 per share
in the first two years; $0.32 in the third year; $0.37 in the fourth year; and $0.42 in the fifth year.
In the event that the convertible debenture is not completed, the $540,000 will be converted to a
private placement for 2,700,000 units at a price of $0.20 per unit, with the same terms and
conditions as set out below.
The Company has also arranged a private placement for up to 2,000,000 units at a price of $0.20
per unit. Each unit will consist of one common share and one non-transferable share purchase
warrant. Each such warrant entitles the holder to acquire a further common share of the Company
for a period of two years, at a price of $0.27 per share. The terms of the offering provide that the
Company will receive up to $400,000 upon the closing of the private placement WOW, 400,000 will really do a lot of drilling,ggggggggggg. HOWEVER,PERHAPS IT WILL PAY FOR ABOUT HALF THE ATTORNEY FEES TO DATE, AND PROVIDE INCENTIVE FOR THE ATTORNEY'S TO AT LEAST TO FIRE OFF A FEW LETTERS FOR THE NEXT COUPLE OF MONTHS. OF COURSE, IT MAY JUST BE USED TO BRING THE ATTORNEY ACCOUNT OUT OF THE 'WAY PAST DUE' STATUS AND PROVIDE SOME SPARE CHANGE FOR SOME
TAX BILLS DUE.gggggggggggggg.
These placements are subject to regulatory and shareholder approval. The funds raised will be
used for exploration and development of the Company's oil and gas properties and for general
working capital.
On behalf of the Board of Directors of Gemini Energy Corp.,
Mark Jarvis
Director |
