TerraVest to launch issuer bid for C$1 million convertibles

By Marisa Wong

Morgantown, W.Va., Sept. 12 – TerraVest Industries Inc. said it plans to conduct a substantial issuer bid to purchase up to C$1 million of its issued and outstanding 7% convertible subordinated debentures due June 20, 2020.

The company will offer to purchase the debentures at C$1,333.33 per C$1,000 principal amount in cash, according to a press release.

The company will also offer to purchase up to 450,000 of its outstanding common shares at C$11.00 per share in cash under the issuer bid.

The company expects to mail offer documents to debentureholders and shareholders on Friday. The offer will remain open for acceptance until Oct. 19.

If more than 450,000 shares or C$1 million principal amount of the debentures are tendered, the company will pay for the tendered shares and debentures on a pro rata basis.

Assuming that the maximum number of shares and maximum amount of debentures are purchased under the offer, the aggregate purchase price would be C$6,283,330.

TerraVest said it has retained Trimaven Capital Advisors in connection with the offer.

TerraVest is a Vegreville, Alta., oil and gas investment company focused on fuel containment vessels and processing equipment.

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