News Release
Q Investments Ltd. Exercises Right to Make Loan ConvertibleQ Investments Ltd. ("Q") has previously announced its loan agreement with Exxel Energy Corp. ("Exxel") under which Q loaned Exxel US$5,000,000 to fund the acquisition of oil and gas interests in Colorado's Piceance Basin. That loan was not convertible into equity, but under the agreement Exxel agreed to amend the loan to include a conversion feature at US$5.00 per share if notified by Q that it required such an amendment and if Exxel first received minority shareholder approval. Q has now given the required notice and Exxel has obtained written consent to the amendment, signed by shareholders holding a majority of Exxel's issued common shares held by disinterested shareholders. Accordingly, Q and Exxel have entered into an amended Loan Agreement that contains the right of Q to convert the outstanding principal amount of the loan into common shares of Exxel at the rate of US$5.00 per share, exercisable for five years from the date that the funds loaned were originally advanced to Exxel. The amended Loan Agreement is subject to the approval of the TSX Venture Exchange. For further information contact Michael Price, President, at 44-20-7977-1268 or visit our website at www.qinvestmentsltd.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. © 2007 Q Investments Ltd. (TSX: QI) - Please read our Disclaimer. |
TSX: QI
