JADESTONE ENERGY INC.
Non-Brokered Private Placement and Convertible Debt Facility
We acted as counsel to Jadestone Energy Inc. (“Jadestone”) (formerly, Mitra Energy Inc.) in connection with its non-brokered private placement of 132,500,000 common shares at a price per share of $0.40 for gross proceeds of C$53,000,000. Concurrently with the private placement, we acted as counsel to Jadestone in connection with the entering into of a US$28 convertible debt facility with Tyrus Capital S.à.r.L. The proceeds of the private placement were used to fund the acquisition by Jadestone of the Stag Oilfield, which is located 60km offshore Western Australia in the Carnarvon Basin and is currently producing circa 3,750 barrels per day from 10 active wells. Jadestone is TSX Venture Exchange listed (TSXV: JSE) oil and gas company headquartered in Singapore. Jadestone is currently engaged in exploration, appraisal and pre-development activities in the Philippines, Vietnam and Indonesia.