Big Sky Energy Corporation (Other OTC: BSKO.PK) has reached an agreement in principal with one of its existing institutional investors whereby the Company will receive $15 million of debt financing, subject to final documentation that is mutually satisfactory to both parties. The financing will be in the form of a convertible note, accruing interest at the rate of 6% per annum and maturing in two (2) years. The convertible note will be convertible into shares of the Company's common stock at the conversion rate of 819.7 shares per $1,000 principal amount of the convertible note. The Company intends to finalize this financing by the end of the month.
Big Sky Energy Corporation is a US junior oil and gas company looking to develop assets in the world's most prolific basins in order to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Kazakhstan's renowned pre-Caspian Basin.