Stampede Drilling completes convertible debenture redemption

Chicago, Feb. 7 – Stampede Drilling Inc. completed the conversion of its outstanding convertible debentures, according to a press release.

The company was aiming for a Jan. 31 redemption, and said that it completed the redemption on Jan. 30.

The $2,512,000 of debentures were converted into common shares of the company at C$0.21 per share. Stampede issued 11,961,895 shares.

Interest of C$19,413.70 was settled in cash or shares (at C$0.30 per share) at the election of each holder.

For the interest, the company issued 4,435 common shares in settlement of approximately C$1,331.51 of accrued but unpaid interest, with the remaining C$18,082.19 paid in cash.

Based in Calgary, Alta., Stampede provides drilling services in western Canada.

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