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CALGARY, Alberta, Nov. 28, 2018 (GLOBE NEWSWIRE) — Strategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSXV:SOG) announces that the Company has received the written resolution (the “Resolution and Consents”) of over 96% of the holders (“Noteholders”) of the Company’s 8.0% convertible notes (“Notes”) to affect certain amendments to the trust indenture (“Trust Indenture”) governing the Notes. In particular the Noteholders have approved, by way of an extraordinary written resolution under the Trust Indenture certain amendments to the Trust Indenture to provide for: (a) a conversion right of the Company allowing for the conversion of the Notes into common shares (“Common Shares”) of the Company; (b) the removal of the covenant in the Trust Indenture that the Company be required to maintain a listing on the TSX Venture Exchange (the “TSXV”); (c) the right to grant first lien debt to parties other than Canadian chartered banks; and (d) certain amendments to the definition of change of control all as contemplated by the Resolution and Consents. The Company and the Trustee under the Trust Indenture have entered into a first supplemental indenture (the “Supplemental Indenture”) giving effect to the foregoing amendments. In addition, the Company has exercised its right […]
