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Published:
Shelton Announces US$500,000 Loan
CALGARY, ALBERTA - (Marketwire - July 6, 2009) - Shelton Canada Corp. ("Shelton" or the "Company") (TSX VENTURE:STO) announces that it has made arrangements to borrow from Petrosibir AB, an arms' length Swedish company, US$500,000 (the "Loan"). The Loan is secured by a debenture in the amount of US$500,000, a promissory note dated June 25, 2009 in the amount of US$500,000 and a Share Pledge Agreement dated June 25, 2009 pledging 10% of the shares of Shelton's direct subsidiary, Zhoda 2001 Corporation. Simple interest shall accrue on the principal balance at a rate of six (6%) percent per annum calculated monthly and shall be payable on the first day of each month during the term. The Loan and all accrued and unpaid interest thereon shall be due and payable on the earlier of October 30, 2009 or the date when Shelton receives additional financing by way of a private placement.
Shelton will use the Loan proceeds to secure certain new projects on which it may bid and to pay some expenses which it has incurred.
About Shelton Canada Corp.:
Shelton Canada Corp. (www.sheltoncdn.com), a Canadian-based junior oil and gas company, is focused on exploring and developing the resource-rich basins of Ukraine. The company has an internationally experienced board of directors and a long history of successful operations in Ukraine. These competitive advantages have helped Shelton to build effective personal relationships, strategic regional partnerships, and a large land position and a portfolio of projects on and offshore. Shelton's long-term goals are to become the leader in oil and gas production from the resource-rich Azov and Black Sea basins in five years.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Website: www.sheltoncdn.com
Copyright © 2009, MarketWire Canada Copyright © 2009, NewsBlaze, Daily NewsTags: ,Energy and Utilities,Oil and Gas ,FINANCING AGREEMENTS
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