Strategic Oil & Gas Ltd. (TSXV:SOG) announced that it has entered into a letter of intent for a private placement of 1.5 year lien secured notes for gross proceeds of CAD 30,000,000 on November 5, 2018. The notes will carry an interest rate of 12% p.a. payable quarterly. The company will receive CAD 15,000,000 in the first tranche and CAD 15,000,000 in the second tranche. The transaction will include participation from returning investor GMT Capital Corp and other investors. The company will pay a fee of 2% of the total funds to GMT Capital Corp. The company will issue common share warrants worth CAD 5,000,000 for each tranche of the transaction. Each warrant will have a strike price equal to the 20 day volume weighted average trading price of the common shares as of the closing date of the proposed transaction for a period of 5 years. The transaction is subject to approval of the TSX Venture Exchange. The transaction is expected to close on or about November 15, 2018.