News Release
Q Investments Invests in GSL Energy CorporationQ Investments Ltd. has agreed to purchase, through its wholly-own subsidiary Pleasant Shores Venture Ltd., on a private placement basis, US$2,000,000 in GSL Energy Corporation (“GSL”) Convertible Notes (the “Notes”) bearing interest at a rate of 14% per annum, maturing one year from the date of closing and being convertible into common shares of GSL at the rate of US$0.50 per share. GSL is a private oil and gas company and its primary assets are (i) contractual rights under a farmout agreement pursuant to which GSL has acquired an undivided 50% working interest in certain leases and related properties in Utah and will pay 100% of the first $50 million expended on the Utah leases; (ii) contractual rights under a farmout agreement pursuant to which GSL has acquired an undivided 50% interest in certain oil and gas leases in Colorado and will pay 100% of the first $50 million expended on the Colorado leases; (iii) contractual rights to which GSL will acquire an undivided 50% working interest in exploration permits covering 7 million net mineral acres in the Northern Territory of Australia and will pay 100% of the first $100 million in cost paid or incurred in connection with the acquisition and development of such permits; and (iv) contractual rights pursuant to which GSL will acquire an undivided 50% working interest in certain oil and gas leases in Garfield County, Colorado and will pay 100% of the first $50 million expended on such leases. Total funds from the private placement of up to US$15,000,000 will be used to pay the costs of the acquisition and exploration of the two projects in Colorado, the project in Utah and the Australia interest, and for financing costs. For further information concerning this announcement, please 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
