Thursday, PetroHunter Energy Corp. (PHUN.OB) said it closed the sale of 50% interest in the Beetaloo Basin in the Northern Territory of Australia to Falcon Oil & Gas Ltd. As per the agreement, Falcon Oil & Gas issued PetroHunter securities worth US$20 million, that is convertible into common shares of Falcon stock. In addition to the issuance of the securities Falcon paid PetroHunter US$5 million in cash.
PetroHunter said it retains an undivided 50% working interest and will remain operator of the Beetaloo Basin project.
PetroHunter also said that it received a temporary bridge loan of US$5 million from Falcon that will mature in 120 days and bears interest at a rate of 10% per annum.
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