CALGARY, AB, Nov. 21, 2022 /CNW/ - CanAsia Energy Corp. ("CanAsia") (TSXV: CEC) announced today that on November 18, 2022 CanAsia elected to convert the outstanding loan balance and accrued interest of the Second Credit Facility with Andora Energy Corporation ("Andora") into common shares of Andora. Pursuant to the Second Credit Facility with Andora dated November 10, 2020, and as amended August 31, 2021 to increase the maximum amount, CanAsia had the option to convert outstanding amounts at a conversion price of $0.01 per Andora common share. Further information on Convertible Credit Facilities with Andora is contained in the CanAsia September 30, 2022 Consolidated Financial Statements. CanAsia converted the outstanding principal of $1.3 million plus accrued unpaid interest of $94,275 into 139.4 million shares of Andora. After this conversion, CanAsia holds 211.3 million of Andora common shares, or 88.2% of the total 239.5 million Andora common shares outstanding, which represents an increase of 16.4% in CanAsia ownership.
Read more at newswire.caCANASIA ENERGY CORP. - INCREASE IN ANDORA OWNERSHIP
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