June 13 (Reuters) - Us Oil Sands Inc USO.V
* US OIL SANDS INC. ANNOUNCES FINANCING, PR SPRING PROJECT UPDATE, BOARD CHANGES AND VOLUNTARY DELISTING FROM THE TSX VENTURE EXCHANGE
* SAYS WILL RECONSTITUTE ITS BOARD OF DIRECTORS SUCH THAT NUMBER OF DIRECTORS WILL DECREASE FROM FIVE TO THREE
* SAYS ENTERED INTO A NON-BINDING LETTER OF INTENT WITH ACMO S.À R.L. FOR A US$5 MILLION SENIOR SECURED CONVERTIBLE LOAN FACILITY
* SAYS WILL BE SEEKING TO OBTAIN FROM A MAJORITY OF DISINTERESTED SHAREHOLDERS WRITTEN CONSENT FOR FINANCING AND DELISTING OF COMMON SHARES FROM TSXV
* SAYS LOAN FACILITY CONSISTS OF US$2.5 MILLION AVAILABLE ON CLOSING
* SAYS IF MAJORITY OF DISINTERESTED SHAREHOLDERS DO NOT PROVIDE CONSENT IN TIMELY MANNER, BOARD WILL LIKELY APPROVE SEEKING CREDITOR PROTECTION
* SAYS LOAN FACILITY CONSISTS A FURTHER US$2.5 MILLION AVAILABLE UPON PROJECT PRODUCING 500 BARRELS PER DAY OF OIL FOR FIVE CONSECUTIVE DAYS
* SAYS BOARD EXPECT THAT UNDER SUCH CREDITOR PROTECTION PROCEEDINGS, IT IS POSSIBLE THAT ALL EXISTING EQUITY HOLDINGS IN CO MAY BE EXTINGUISHED
* SAYS PURSUANT TO LOAN FACILITY TRANSACTION, ACMO WILL CANCEL 24 MILLION WARRANTS ISSUED IN CONNECTION WITH JAN 2017 FINANCING TRANSACTION Source text for Eikon: ID:nCCNFkPZ1a Further company coverage: USO (NYSE:USO).V