Lucas Energy Inc., Silver Star Oil Co. and Target Alliance London Ltd. (TALL) amended Lucas’ line of credit and its notes agreement, the company said April 15.
Under the new agreement, Silver Star assigned an existing $200,000 convertible promissory note and its rights under the non-revolving line of credit, effective August 28, 2015, to TALL.
The line of credit was amended to include a conversion price of any future notes increased to $3.25 from $1.50 per share, a monthly advance limit increased to $250,000 from $200,000, and a remaining amount available to Lucas at $800,000.
TALL was given warrants to purchase 51,562 common shares at $3.25 each for each $250,000 loaned. Conversion and registration rights were also amended, Lucas said.
Anthony C. Schnur, CEO, said that recent financings in the past two weeks were in preparation of a successful completion of the Segundo asset acquisition.
Lucas Energy Inc. is based in Houston.
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