Norse Energy Corp. - 2012-07-10
Description
The Board of Directors has resolved to approve the entering into of two convertible loan agreements with Mouseless Invest AS and Mabe Invest AS. The two loans will be 1,500,000 NOK each at an interest rate of ten percent per annum, with a maturity date of 10 July 2015. The loans will be unsecured and may be converted into shares in Norse Energy. The convertible loans will provide additional flexibility and liquidity as Norse Energy awaits finalization of the SGEIS regulations in New York, needed to unlock the full value of Norse Energy's portfolio of shale oil and gas resources.