CYGAM Announces Pledge Agreement
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/16/15 -- CYGAM Energy Inc. (TSX VENTURE: CYG) ("CYGAM" or the "Company") announces that it has entered into a share pledge agreement (the "Pledge Agreement") dated March 13, 2015 with Farmkey Investments Co Ltd. (the "Lender") a holding company owned or controlled by Ms. Neli Rigo (a director and major shareholder of the Company), in respect of all of the shares of Cygam's wholly-owned subsidiary Cygam Energy Italia S.p.a. ("Cygam Italia").
Further to the Company's news releases dated April 14, 2014 and November 27, 2014, and other filings made by the Company with the applicable securities commissions, the terms of the Cdn. $4,500,000 revolving promissory note between the Company and the Lender dated as of April 10, 2014, as amended (the "RPN"), required the Company to use its best efforts to pledge the common shares of Cygam Italia to the Lender as security for Cygam's obligations under the RPN (the "Pledge").
Under the terms of the Pledge Agreement, the Lender has the right to enforce the Pledge upon the occurrence of customary events of default, including the failure to make any payment when due, breach of undertakings or representations, certain events, including the commencement of proceedings relating to the insolvency or bankruptcy of Cygam, and actions taken by third parties relating to insolvency or bankruptcy of Cygam. The description of the Pledge Agreement contained in this news release is a summary only and subject to the complete terms and conditions of the Pledge Agreement, a copy of which is appended to the material change report filed by the Company on SEDAR. For more information please see the material change reports filed by the Company on SEDAR.
Neither the 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.
Contacts:
CYGAM Energy Inc
David Taylor
President and Chief Executive Officer
CYGAM Energy Inc
Al Robertson
Chief Financial Officer
(403) 802 6983
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Datum: 16.03.2015 - 12:00 Uhr
Sprache: Deutsch
News-ID 378650
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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