Canacol Energy Ltd. announces closing of a $ 41.5 million convertible debenture offering Bought Deal
Canacol Energy Ltd. today announced it has closed its previously announced deal bought short form prospectus offering with a syndicate of insurers (the “Underwriters”) led by Canaccord Genuity Corp. and FirstEnergy Capital Corp., Cormark Securities Inc., Citigroup Global Markets Inc. Research Capital Corp. Canada and Mackie, under which the Underwriters purchased $ 41,500,000 principal amount of unsecured convertible bonds with an interest rate of 8.00% per year payable semi-annually on the last day of June and December, commencing on December 31, 2010 (the “Offer”). The bonds are convertible at the option of the holder into ordinary shares of the Company at any time prior to the expiration date and the day immediately preceding the date fixed by the Corporation for redemption at a conversion rate price of $ 1.0526 per common share, represented by the ratio of 950 ordinary shares per $ 1,000 principal amount of the bonds. The corporation has applied to the loans (including the underlying common stock issuable upon conversion list, redemption or maturity of the loan) on the TSX Venture Exchange. Trading will be subject to the corporation that meets all the requirements of the TSX Venture Exchange. Read more
