CanAsia Energy Corp V.CEC

News..CEC substantially increases Andora Ownership

[nozzpack]

CANASIA ENERGY CORP. - INCREASE IN ANDORA OWNERSHIP

Canada NewsWire

CALGARY, AB, Nov. 21, 2022

CALGARY, AB, Nov. 21, 2022 /CNW/ - CanAsia Energy Corp. ("CanAsia") (TSXV: CEC) announced today that on November 18, 2022 CanAsia elected to convert the outstanding loan balance and accrued interest of the Second Credit Facility with Andora Energy Corporation ("Andora") into common shares of Andora.  Pursuant to the Second Credit Facility with Andora dated November 10, 2020, and as amended August 31, 2021 to increase the maximum amount, CanAsia had the option to convert outstanding amounts at a conversion price of $0.01 per Andora common share.  Further information on Convertible Credit Facilities with Andora is contained in the CanAsia September 30, 2022 Consolidated Financial Statements.  CanAsia converted the outstanding principal of $1.3 million plus accrued unpaid interest of $94,275 into 139.4 million shares of Andora.  After this conversion, CanAsia holds 211.3 million of Andora common shares, or 88.2% of the total 239.5 million Andora common shares outstanding, which represents an increase of 16.4% in CanAsia ownership.

 

[kelsterman69]

Finally something that makes sense. I've always wondered how we kept giving those guys money to keep their heads above water and the ownership of Andora in the company presentation never increased.    Now sell it or turn on the steam.     

[Sudirman2]

WTI at about 77$. WCS Diffs at -22.50 through 2023. Condy blend cost about 12$/bbl. Transport from the middle of nowhere to EDM or HAR about 8$/bbl, terminalling, marketing etc and this doesnt look paticularly attractive.   Op costs likely in the 30$ /bbl range.   This asset not looking great in the short-med term.    

[Sudirman2]

Well, so much for my back of the envelope analysis. Market seems to like the news.