Markets

Terrace Energy Announces Strategic Financing With LG

Terrace Energy Corp. (TZR.V) has entered into agreements with LG Energy North America LLC (LGENA) whereby LGENA will subscribe for 20,000,000 common shares of the company at a price of $1.50 per share for aggregate gross proceeds of $30 million and will invest an additional $60 million into a special purpose entity to provide supplemental project financing for new exploration and development opportunities in the future.

The company has also agreed to purchase a 10% interest in the SPV, valued at $6 million from LG for 4,000,000 common shares of the company at a deemed value of $1.50 each.

Dan Carriere, the company's chairman, commented: "We are extremely pleased with the opportunity to work together with LG to build Terrace Energy into a significant company. LG's decision to make their first foray into the acquisition and development of North American oil & gas interests through Terrace Energy clearly demonstrates the confidence they have placed in our projects, management and technical teams."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More