Deal arranged with Crown Capital Partners, includes five-year warrants
By Devika Patel
Knoxville, Tenn., Sept. 29 – Petrowest Corp. settled a C$15 million subordinated debt agreement with Crown Capital Partners Inc., according to a press release from the investor.
The 11% term loan is due in three years.
Crown Capital also received five-year warrants for 4.3 million shares. The warrants are each exercisable at C$0.40, a 90.48% premium to the Sept. 28 closing share price of C$0.21.
Based in Calgary, Alta., Petrowest is involved in pre-drilling and post-completion energy services.
| Issuer: | Petrowest Corp.
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| Issue: | Subordinated term loan
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| Amount: | C$15 million
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| Maturity: | Three years
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| Coupon: | 11%
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| Warrants: | For 4.3 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.40
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| Investor: | Crown Capital Partners Inc.
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| Settlement date: | Sept. 29
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| Stock symbol: | Toronto: PRW
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| Stock price: | C$0.21 at close Sept. 28
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| Market capitalization: | C$38.95 million
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