Company sells 12% convertibles due Aug. 13, 2014 and two-year warrants
By Devika Patel
Knoxville, Tenn., Aug. 17 - American Natural Energy Corp. gave further details about a $2 million unsecured convertible debenture private placement it settled with Palo Verde Acquisitions, LLC on Aug. 13 in an 8-K filed Friday with the Securities and Exchange Commission. The deal may raise up to $3 million and priced July 3.
The 12% debenture is convertible into common shares at $0.10 per share. The note matures Aug. 13, 2014.
Palo Verde also received warrants for 20 million common shares. Each warrant is exercisable at $0.23 until Aug. 13, 2014.
The strike price is a 360% premium to the July 2 closing share price of $0.05. The conversion price is a 100% premium to that price.
Proceeds will be used for the drilling and completion of wells.
Tulsa, Okla.-based American Natural is an oil and natural gas exploration company.
| Issuer: | American Natural Energy Corp.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | $2 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Conversion price: | $0.10
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.23
|
| Pricing date: | July 3
|
| Pricing date: | Aug. 13 (for $2 million)
|
| Stock symbol: | OTCBB: ANRUF
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| Stock price: | $0.05 at close July 2
|
| Market capitalization: | $993,720
|
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