Offering of 7.5% debentures will fund general working capital purposes
By Devika Patel
Knoxville, Tenn., Oct. 25 - Wilton Resources Inc. said it will sell C$1 million of convertible unsecured debentures.
The 7.5% debentures are due in two years. They are convertible into common shares at C$1.00 per share in the first year and C$1.25 per share in the second year. The conversion prices are 53.85% and 92.31% premiums to the Oct. 24 closing price of $0.65. The company may force conversion.
Proceeds will be used for general working capital purposes.
The oil and natural gas exploration and development company is based in Calgary, Alta.
| Issuer: | Wilton Resources Inc.
|
| Issue: | Convertible unsecured debentures
|
| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 7.5%
|
| Conversion prices: | C$1.00 in the first year and C$1.25 in the second year
|
| Call: | Yes
|
| Warrants: | No
|
| Pricing date: | Oct. 25
|
| Stock symbol: | TSX Venture: WIL
|
| Stock price: | C$0.65 at close Oct. 24
|
| Market capitalization: | C$18.07 million
|
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