Cobra Oil & Gas Enters into $10MM Financing Agreement
Cobra Oil & Gas has signed a $6,000,000 financing agreement with Swiss-based group, Baden Energy Group Inc. In addition, the agreement includes the option to secure a further $4,000,000, bringing the total value of the deal to $10 million in equity investment. Cobra Oil & Gas has secured only equity financing and is debt free.
Capital Expenditures for Exploration
"I am very pleased to have signed this agreement with Baden Energy Group Inc., allowing Cobra to advance development on its promising Utah Tar Sand project," said Max Pozzoni, Cobra's President. "Considering the large potential of the project, Cobra and its shareholders stand to benefit greatly from this capital infusion."
Depending on market conditions the agreement has the option be receded by both parties with 30 days notice. The securities offered have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent a registration or an applicable exemption from the registration requirements.