US Oil Sands Inc. (TSXV:USO) announced that it has signed a letter of intent with returning investor ACMO S.a.r.l for the issue of convertible loans for gross proceeds of senior secured term loan for the gross proceeds of $7,500,000 (CAD 10,041,000) on December 2, 2016. The loan carries a coupon of 15% per annum and would mature in one year with a further 12-month extension available if it meets certain production volume and cost targets. The company also issued 1,200,000,000 warrants at an exercise price of CAD 0.015 having a five-year term to expiry. The transaction is subject to TSXV Exchange approval. The conversion was made through www.oanda.com on December 2, 2016.