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TORONTO, Dec. 21, 2018 /CNW/ – TerraNova Partners III LP.(“TerraNova”) announces that it has provided a demand secured loan (the “Loan”) to Hyduke Energy Services Inc. (“Hyduke”) (TSX:HYD) in the amount of CDN$350,000 and in connection with the Loan was granted, effective December 19, 2018, 2,920,000 share purchase warrants (“Warrants”). Each Warrant entitles TerraNova to purchase one common share of Hyduke at an exercise price of CDN $0.06/common share and expires 36 months after the later of the repayment in full of the Loan or the issuance of the Warrants.
Before giving effect to the transaction, TerraNova Partners LP., a joint actor, held beneficial ownership and control of 5,538,235 common shares and Vortex Enterprises Corp., a joint actor, held beneficial ownership and control of 1,100,000 common shares of Hyduke, for a total of 6,638,235 common shares, representing 9.496% of Hyduke’s issued and outstanding common shares. After giving effect to the transaction, TerraNova was granted 2,920,000 Warrants, each Warrant exercisable into one common share of Hyduke, at an exercise price of $0.06/common share. The number of common shares held by TerraNova, TerraNova Partners LP. and Vortex Enterprises Corp. remains unchanged at a combined total of 6,638,235 common shares, representing 9.496% of the outstanding common shares, before giving effect to any outstanding warrants, and 13.125% of the outstanding common shares assuming the exercise by TerraNova of its Warrants.
The Warrants were acquired for investment purposes only. In the future, TerraNova or its joint actors may, subject to applicable law, acquire or dispose of securities of Hyduke depending upon a number of factors, including general market and economic conditions and other available investment opportunities.
SOURCE Hyduke Energy Services Inc.
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