Jan 18 - Canadian junior oil and gas company TG World Energy Corp (TGE.V) said it has secured a C$7.5 million ($7.28 million) loan from an institutional lender.
The proceeds from the facility, which bears 18 percent annual interest, will be used to fund ongoing exploration efforts in Alaska and Niger and to pursue other oil and gas opportunities, the TG World said in a statement.
TG World said it has issued warrants the lender warrants to buy up to 10 million common shares of the company.
The warrants, which expire on Jan. 15, 2012, have an exercise price of 25 Canadian cents, the company said.
Shares of TG World Energy closed at 18 Canadian cents Friday on the Toronto Venture Exchange. ($1=1.030 Canadian Dollar)
The proceeds from the facility, which bears 18 percent annual interest, will be used to fund ongoing exploration efforts in Alaska and Niger and to pursue other oil and gas opportunities, the TG World said in a statement.
TG World said it has issued warrants the lender warrants to buy up to 10 million common shares of the company.
The warrants, which expire on Jan. 15, 2012, have an exercise price of 25 Canadian cents, the company said.
Shares of TG World Energy closed at 18 Canadian cents Friday on the Toronto Venture Exchange. ($1=1.030 Canadian Dollar)
