Petroleum Africa
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Friday, July 11, 2014
Letho Resources Corp. signed a LoI with Stream Oil & Gas Ltd. whereby Letho has agreed to loan Stream up to CAD$5 million. The loan will be supported by the issuance of a convertible debenture to Letho. Subject to TSX Venture Exchange approval and the entry into a definitive agreement, Letho will advance the loan in two separate tranches, a first tranche of CAD$2 million and the second tranche of CAD$3 million, on such dates as set out in the definitive agreement.
Under the terms of the convertible debenture set out in the definitive agreement, and are expected to include Stream’s option to convert the Letho debenture into common shares of Stream. Stream may also prepay the debenture, in whole or in part, at any time without notice, bonus or penalty.
Lethos just recently gained access to acreage in Namibia consisting of six licenses located within the Owambo Basin and one license located in the Waterberg Basin though a deal with Ican Energy Inc.
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