Tiger Oil and Energy, Inc. announced that it has received $0.60 million in funding.
January 02, 2014 at 11:00 pm EST
Tiger Oil and Energy, Inc. (OTCPK:TGRO) entered into enter into a callable convertible note agreement for gross proceeds of $600,000 on December 12, 2013. The note will bear interest at 5% per annum and the note will mature on December 12, 2014. The company will receive the funding in three equal tranches of $200,000 each. The transaction included participation from a nonrelated source. The investor has an option to continue to receive interest or convert the notes into common shares of the company at a conversion price of $0.50 per share.
Subsequent to December 31, 2013, the company has received $400,000 in funding in two different tranches.
On January 3, 2014, Tiger Oil and Energy, Inc. closed the transaction.