Lux Energy Secures Private Funding
Lux Energy announced an agreement for securing a longer-term private funding source(s) under terms that allow the Company to proceed with current, potentially significant opportunities.
Lux Energy will initially receive approximately $400,000.00 (USD) as the first funding tranche, which is expected to be advanced over the next several weeks by the private equity firm under agreement with the Company. The total funding amount may reach a maximum of three million U.S. dollars.
Lux Energy Corp. will secure the funds with a promissory note. Subsequently the note will be converted into common shares issued from the corporate treasury. The rate of the note conversion will be predicated on a five day average trading value basis.
Shane Broesky, President of Lux Energy Corp. comments, "The funds are arriving at a critical juncture for the Company as we embark on our Woodrush venture with Dejour Enterprises in Northern British Columbia and our West Central Alberta entrance into the Barrhead fields. Lux Energy shareholders should note that the timing and terms of this funding has put the Company in an enviable position to capitalize on these notable petroleum opportunities throughout 2010 and beyond."
The necessary reporting requirements for this funding project will be filed by the corporate attorney with the regulatory agencies imminently.