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WESTPORT, Conn.--(BUSINESS WIRE)--
The American Energy Group, Ltd. (AEGG) announced today that it has sold 300,000 Common Shares to an individual investor for a cash consideration of $0.10 per share or a total consideration of $30,000 to the Company. The Company further announced today that it has entered into a loan transaction with an institutional investor for the borrowing of $100,000. The proceeds of each transaction will be used for general and administrative operating capital. The terms of the loan include a maturity date of August 5, 2015, an interest rate of 5.0% per annum and debt reduction payments prior to maturity only out of 25% of any proceeds of hydrocarbon production received by the Company, any International Chamber of Commerce (ICC) refunds of deposits from the Company’s pending arbitration proceedings before the ICC, or any lump sum settlement payments from any participant in the ICC proceeding. The loan is secured by a lien on the Company’s non-producing Texas oil and gas interests. The loan also includes the issuance to the lender of one million warrants to purchase the Company’s common stock at $0.10 per share until February 5, 2016.
This news release contains forward-looking statements, including estimated time lines for future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, including potential production rates and potential reserves, which estimates are unproven and not based upon actual production data or historical facts. Forward-looking statements are subject to uncertainties and risks including, but not limited to, economic conditions, drilling risks and actual operating conditions and results, deviation in costs of critical equipment and services, deviation in production decline rates, the impact of competition and commodity pricing, and domestic and foreign governmental regulation and approvals.
All forward-looking statements in this disclosure, whether made by, or on behalf of the Company or by or on behalf of the project operator, are expressly qualified by the above cautionary statements and any other cautionary statements which accompany the forward-looking statements. In addition, the Company disclaims any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
For further information contact Pierce Onthank, President and CEO at (203) 222-7315 or [email protected].
The American Energy Group, Ltd.
Pierce Onthank, (203) 222-7315
President and CEO