Quantum Energy completed transaction with the BVI company

Canadian oil and gas company Quantum Energy Corporation announced that according to the investment agreement with British Virgin Islands-registered Lang International Holdings Limited, it has completed the private placement offering of series 2 convertible debentures, pursuant to which the BVI company purchased the debentures in the amount of US$550,000.

The Series 2 Debenture, which is secured against the personal property of Quantum Energy Corporation, as well as part of company’s interest in the Alexander Project, are subject to a four month hold period. The net proceeds from the offering will be used for completion work at the company’s Alexander project and for general working capital.

Upon completion of the private placement, assuming the conversion of the Series 1 and Series 2 Debentures, the BVI company will own or control 35,924,664 common shares – that is approximately 50.11% of the total amount of common shares.

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