PR ****Regent completes $500,000 (U.S.) debt financing
Ticker Symbol: C:REV
Regent completes $500,000 (U.S.) debt financing
Regent Ventures Ltd (C:REV)
Shares Issued 76,152,255
Last Close 6/28/2010
.09
Tuesday June 29 2010 - News Release
Mr. Richard Wilson reports
DEBT FINANCING COMPLETED; DRILLING PROGRAM ON FIRST WELL IN LOUISIANA COMMENCES
Regent Ventures Ltd. has closed its debt financing under the loan agreement announced in Stockwatch on June 18, 2010, by which the company has raised $500,000 (U.S.) primarily to finance the drilling of the first well on the company's oil and gas lease interest located in northern Louisiana.
Pursuant to the Loan Agreement, at closing, the Company issued to the lenders a bonus consisting of 991,428 shares and 1,982,857 warrants in the capital of the Company. Each warrant entitles the lenders to acquire one additional share in the capital of the Company at a price of
.10 per share for a period of one year. The Company also issued a finder's fee with respect to the loan consisting of $26,025 in cash and 371,785 shares in the capital of the Company. The bonus shares, finder's fee shares and any shares underlying the warrants are subject to a hold period and are restricted from trading until October 25, 2010.
Louisiana Project
The Company is also pleased to announce that it has instructed the Operator on its Louisiana project to commence the operations for drilling the first oil well on its lease interest. The first phase of the program has begun and will consist of building up the access road and drill pad to support the drilling rig, drilling the targeted well, and if successful, to test and complete the well. Should both oil and gas be encountered, the Company is entitled to complete the well to produce the oil and drill a non-conventional "Slim Holed" well to produce any natural gas seam found to be productive.
The Company's interest is in a 200 acre lease situated in the Delhi Field in Madison and Richland Parishes, Louisiana. Pursuant to its agreement, the Company is entitled to drill three conventional development wells and two Slim Holed wells for gas production, if a natural gas formation is encountered. The oil wells are planned to be drilled to 4,100 feet, or such depth as to sufficiently test the Tuscaloosa One, Two and Three Sands, the May Libby Formation and the Barrier Sands as they occur in that area.