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Canada's Birch Mountain to price C$30 million convertible subordinated debentures Tuesday
By Kenneth Lim
Boston, Nov. 20 - Canada's Birch Mountain Resources Ltd. plans to offer C$30 million of convertible subordinated unsecured debentures.
The offering is expected to price Tuesday.
There is an over-allotment option for a further C$4.5 million.
RBC Capital Markets is the lead underwriter for the Regulation S offering.
Birch Mountain, which is listed on the TSX Venture Exchange and on the American Stock and Options Exchange, did not provide details on other terms of the deal.
Birch Mountain is a Calgary, Alta.-based limestone mining company whose key property is in the oil sands region of northeastern Alberta. It plans to use the proceeds of the deal to build a road, to fund capital expenditure, to repay an existing bank loan and for working capital.
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