EMERALD BAY ANNOUNCES LOAN ARRANGEMENT
Aug 03 2016
Emerald Bay Energy Inc. (TSX Venture: EBY) (the "Corporation" or "Emerald Bay") reports that it has entered into a loan agreement (the "Loan Agreement") with two shareholders of the Corporation holding an aggregate 67,549,193 common shares between them (approximately 32%) (collectively, the "Lender") in the principal amount of $350,000 (the "Loan"). The Loan will bear interest at a rate of 10% per annum, compounded monthly, with a term ending December 1, 2016.
The proceeds of the Loan will be used primarily to pay certain of the Corporation’s outstanding accounts payable with remaining funds being used for general working capital. The Loan is secured via a Lender’s option to acquire the Corporation’s current interest in a private oil and gas company.
About Emerald Bay
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with production properties in Western Canada and South Texas. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please visit our website at www.ebyinc.com.
For further information, please contact:
Emerald Bay Energy Inc. President, Shelby D. Beattie, (403) 262-6000, firstname.lastname@example.org
CHF Investor Relations, D’Arcy Funfer, (403) 669-5157, email@example.com
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.