SALT LAKE CITY, Aug. 22, 2013 (GLOBE NEWSWIRE) -- American Sands Energy Corp. (OTCBB:AMSE) ("AMSE" or the "Company"), an oil sands exploration and development company operating in Utah, announced today that certain shareholders and related parties, including the Company's Chairman and CEO, have notified the Company they are commencing actions to convert or exchange into equity approximately $2.8 million in Related Party Debt as disclosed on the Company's most recent financial statements filed in the Report on Form 10Q filed August 19, 2013.
The terms and conditions were not announced but will include conversion and/or exchange of certain notes representing substantially all the related party debt into equity. The net number of shares to be issued in conjunction with these actions will be consistent with the Company's previous disclosures regarding fully-diluted shares outstanding based on the convertibility features of the Notes.
Daniel Carlson, the Company's Chief Financial Officer, said, "These actions by management and certain related parties are important elements to our overall corporate finance strategy to focus our cash and financial resources now and in the future on accelerating development of our oil sands project in Utah. They also demonstrate a belief in the Company's business plan, future prospects, and long-term shareholder value."
About American Sands Energy Corp.
American Sands Energy Corporation is a development stage Delaware company with primary operations in Utah. The Company has acquired rights to oil sand ore covering approximately 1,800 acres of prime oil sand deposits in the Sunnyside area of Utah. The Company has an extraction and recovery system using a licensed proprietary solvent that separates oil and other hydrocarbons from sand, dirt and other substances without creating tailing ponds and other environmental hazards. For more information, visit www.americansandsenergy.com.
This release contains forward-looking statements regarding AMSE's future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of business development efforts, exploration efforts and the timeliness of development activities, the ability to place the project into full production; the ability to secure all necessary mining permits in a timely manner, fluctuations in energy prices, confirmation of estimated resources, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. American Sands Energy Corp. undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Phil Allen 303.898.0625
Source:American Sands Energy Corp.