CanAsia Energy Corp V.CEC

Alternate Symbol(s): CECAF

Energy Oil & Gas E&P

CanAsia Energy Corp. is a Canada-based junior oil and gas company. The Company is engaged in the exploration for, and the acquisition, development and production of, crude oil and natural gas reserves. The Company, through its subsidiary, Andora Energy Corporation, is focused on developing the bitumen resources at the Sawn Lake property using steam assisted gravity drainage (SAGD) development. The Company has interests in 27 sections (24.25 net sections) of Sawn Lake Alberta Crown oil sands leases within the Alberta Peace River Oil Sands area. In the Sawn Lake Central area, it operates with a 75% working interest in two oil sands leases with 11 gross sections (8.25 net sections). In the Sawn Lake South area, it operates with a 100% working interest in three oil sands leases with 16 gross sections (16 net sections).

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CanAsia Energy Corp > News..CEC substantially increases Andora Ownership

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Post by nozzpackon Nov 21, 2022 8:34am

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Post# 35114772

News..CEC substantially increases Andora Ownership

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.