By Devika Patel
Knoxville, Tenn., March 14 - VGS Seismic Canada Inc. announced it is increasing a private placement of convertible notes to C$4 million from C$1 million. The deal priced on Feb. 19.
The notes carry a 9.5% coupon and are convertible into class A common shares at any time prior to maturity on Feb. 16, 2010.
The conversion price will include a 25% premium over the previous 20 trading day volume weighted average price of VGS class A common shares.
Proceeds will be used to create and purchase seismic data.
VGS is a seismic data company based in Calgary, Alta.
| Issuer: | VGS Seismic Canada Inc.
|
| Issue: | Convertible notes
|
| Amount: | C$4 million
|
| Maturity: | Feb. 16, 2010
|
| Coupon: | 9.5%
|
| Price: | Par
|
| Yield: | 9.5%
|
| Conversion price: | 25% premium to VWAP for 20 trading days before conversion
|
| Pricing date: | Feb. 19
|
| Upsized: | March 14
|
| Stock symbol: | TSX Venture: VGS
|
| Stock price: | C$0.40 at close Feb. 19
|
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