Golden Coast Energy Corp. Enters Into Loan Agreementadmin
Vancouver B.C. October 16, 2013: Golden Coast Energy Corp. (The "Company" or "GCE") or formerly Sunridge Energy Corp.) is pleased to announce that it has arranged a loan facility with Chris Basil, a consultant to the Company.
Pursuant to the terms of the agreement, Mr. Basil will advance the Company with one hundred twenty thousand dollars ($120,000.00) for a one year term at an interest rate of 12% per annum and will issue a one-time bonus of four hundred eighty thousand (480,000) common shares of Golden Coast at a deemed price of $0.05 per share. The loan will be secured with a general security agreement over the Company’s assets, ranking below the loan previously entered into by the Company with a third party as announced on September 9, 2013
Funding will be used to complete certain workovers of the company’s assets and for general working purposes. The line of credit facility and bonus shares are subject to receipt of regulatory approval.
ABOUT GOLDEN COAST
Golden Coast is a junior oil and gas exploration and development company with production operations in the Province of Alberta.
On behalf of the board,
President and Director
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Golden Coast cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Golden Coast’s control. Such factors include, among other things: risks and uncertainties relating to Golden Coast’s ability to complete the drilling of the Test Well; earn a working interest in the Property and that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Golden Coast undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Golden Coast Energy Corp.
650 West Georgia St. Suite 620
Vancouver, British Columbia V6B 4N9
Posted: October 16th, 2013 under ACCESSWIRE.