By Rebecca Melvin
New York, March 8 - Exall Energy Corp. said Thursday that it upsized its convertible unsecured debentures to C$20 million from C$10 million and priced the notes at par to yield 7.75% with an initial conversion premium of 36%.
The Regulation S debentures, which came on a bought-deal basis, were initially announced Wednesday.
The deal was brought by a syndicate of underwriters co-led by Stonecap Securities Inc. and Emerging Equities Inc. and including Acumen Capital Finance Partners Ltd., Dundee Securities Ltd. and Raymond James Ltd.
The over-allotment option was upsized to C$3 million of debentures from C$1.5 million.
Proceeds will be used to expand and accelerate the company's capital program for the development of its Gilwood light oil exploration and development program in Mitsue, Alta., and for additional working capital.
The debentures are non-callable until March 31, 2015 and then provisionally callable subject to the price of shares being 125% of the conversion price for 20 consecutive trading days.
Based in Calgary, Alta., Exall is a junior oil and gas company.
| Issuer: | Exall Energy Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$20 million, upsized from C$10 million
|
| Greenshoe: | C$3 million, upsized from C$1.5 million
|
| Bookrunners: | Syndicate co-led by Stonecap Securities Inc. and Emerging Equities Inc. and including Acumen Capital Finance Partners Ltd., Dundee Securities Ltd., Raymond James Ltd.
|
| Maturity: | March 31, 2017
|
| Coupon: | 7.75%
|
| Price: | Par
|
| Yield: | 7.75%
|
| Conversion premium: | 36%
|
| Conversion price: | C$2.15
|
| Conversion ratio: | 465.116
|
| Call: | Non-callable until March 31, 2015, then provisionally callable subject to 125% price hurdle
|
| Announcement date: | March 7
|
| Settlement date: | March 12
|
| Stock symbol: | Toronto: EE
|
| Stock price: | C$1.58 at close March 7
|
| Market capitalization: | C$98.4 million
|
| Distribution: | Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
