Silver Star Receives First Financing Tranche From Cornell Capital
December 13, 2004 (Press Release) --
Silver Star Receives First Financing Tranche From Cornell Capital
Silver Star Energy, Inc. (OTCBB: SVSE) www.silverstarenergy.com today announces that the Company has received the first tranche of $750,000 from Cornell Capital Partners as part of a $1.5 million bridge loan. Under the terms of the agreement with Cornell, the debentures have a term of three years, bear interest at 5% per year, and are convertible into Silver Star common stock. Conversion occurs at a price of 120% of our trading price on the date of purchase or 80% of the average of the three lowest volume weighted average daily closing prices of the Company's common stock, as quoted by Bloomberg, LP, during the thirty trading days immediately proceeding the conversion date, whichever is lower.
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Silver Star Energy, Inc. (OTCBB: SVSE) www.silverstarenergy.com today announces that the Company has received the first tranche of $750,000 from Cornell Capital Partners as part of a $1.5 million bridge loan. Under the terms of the agreement with Cornell, the debentures have a term of three years, bear interest at 5% per year, and are convertible into Silver Star common stock. Conversion occurs at a price of 120% of our trading price on the date of purchase or 80% of the average of the three lowest volume weighted average daily closing prices of the Company's common stock, as quoted by Bloomberg, LP, during the thirty trading days immediately proceeding the conversion date, whichever is lower.
Disclaimer: www.investorideas.com/About/Disclaimer.asp
Full News: www.investorideas.com/Companies/ViewDocument.asp?ID=2419
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