Business News • MarketWire • Petrocapita Announces Acquisition of MJ Vallee Trucking |
Petrocapita Announces Acquisition of MJ Vallee Trucking |
|
|
Petrocapita Announces Acquisition of MJ Vallee Trucking
CALGARY, ALBERTA--(Marketwired - June 3, 2016) - Petrocapita Income Trust (CSE:PCE.UN) ("Petrocapita" or the "Trust") announces that it has acquired all of the issued and outstanding shares of 1701307 Alberta Ltd. operating as MJ Vallee Trucking ("MJ Valle") effective as at June 01, 2016. The shares were acquired by issuance to the shareholder of MJ Vallee of a convertible debenture secured by the assets acquired in the total amount of $550,000.00. The term of the debenture is 7 years, carries an interest rate of 6%, is amortized over 6 years beginning on June 1, 2017 and is convertible into common trust units of Petrocapita on or after December 31, 2017 at the volume weighted average trading price of such unit on the principal market for such units for each of the last 20 trading days prior to the date of conversion set by the exercise of the option to convert. Concurrent with the issuance of this debenture, the debenture in the principle amount of $460,000 issued by Petrocapita Oil and Gas LP to MJ Vallee for purchase of fluid haul trailers with an interest rate of 6% and a 7 year term beginning June 01, 2015 and principle payments scheduled to commence on June 01, 2016 are cancelled.
View More : http://www.marketwired.com/mw/release.do?id=2131311&sourceType=3
|
|
|