Ignis Executes Forbearance Agreement with YA Global Investments
August 07 2008 - 12:04PM
Business Wire
Ignis Petroleum Group, Inc. (OTCBB: IGPG) announces that on July
18th 2008, Ignis Petroleum Group, Inc. (the �Company�) and YA
Global Investments, L.P. (�YA Global�) executed a forbearance
agreement. Under the terms of the agreement, Ignis has agreed to
pay YA Global $55,000 monthly for the period of the forbearance
agreement. YA Global has agreed to a restructuring of the
debentures. Under the new agreement, the debentures have a fixed
conversion price of $0.03. Full details of the agreement can be
found with Edgar Online in the Company�s 8K filing of 23rd July
2008. Geoff Evett, President and CEO of Ignis, stated, �We are very
pleased with the new arrangement, which constitutes an important
step in the execution of our ongoing program to restructure the
Company�s organization and capital structure. The agreement
provides Ignis with valuable time needed to continue with the
aforementioned program and explore new investment opportunities.
�Furthermore, the agreed fixed conversion price provides our
shareholders for the first time with a clear view of the potential
overhang related to the debentures with YA Global. We consider it
of paramount importance to clean up our capital structure in order
to expand the Company. �The dialogue with YA Global is open and
constructive and provides us with confidence in our ability to take
the necessary steps towards building shareholder value and we look
forward to providing our shareholders with regular updates on the
progress made both operationally and organizationally.
�Additionally, I am pleased to announce that we have engaged the
services of Schwarz & Lakmaaker Communication, an investor
relations firm, who will be assisting Ignis with its shareholder
communications. We are looking significantly to improve our
dialogue with the investment community, this appointment being the
first step.� About Ignis Petroleum Ignis Petroleum Group, Inc. is a
Dallas-based oil and gas production company focused on exploration,
acquisition and development of crude oil and natural gas reserve in
the United States. The Company's management has closely aligned
itself with strategic industry partnerships and is building a
diversified energy portfolio. It focuses on prospects that result
from new lease opportunities, new technology and new information.
For further information, visit www.ignispetro.com. Safe Harbor for
Forward-Looking Statements This release contains certain
"forward-looking statements" as defined by the Private Securities
Litigation Reform Act of 1995, including, without limitation,
expectations, beliefs, plans and objectives regarding the potential
transactions and ventures discussed in this release. Among the
important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are the risks inherent in oil and gas exploration, the need to
obtain additional financing, the availability of needed personnel
and equipment for the future exploration and development,
fluctuations in gas prices, and general economic conditions.
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