2023-03-20 09:51:31 ET
- Nexera Energy ( TSXV: NGY:CA ) said Monday it signed a letter of intent with a private lender to convert its loans of about $14 million to a sliding scale gross overriding royalty (GORR).
- The company said the GORR will be capped at a maximum of $10 million.
- The GORR will be commodity price sensitive and paid out over time on the gross proceeds from the company's oil and gas revenue.
- Final terms of the GORR structure will be released upon execution of the definitive agreement, expected to be completed shortly.
- Press Release .
For further details see:
Nexera Energy signs LOI to convert loans into GORR