By Devika Patel
Knoxville, Tenn., Jan. 25 - Elixir Petroleum Ltd. said it will conduct a A$3 million private placement of convertible notes.
The company will sell 8,571,429 notes at A$0.35 each. The notes carry a coupon of 10% per year.
The notes are convertible into Elixir shares at a price of A$0.35 per share until Dec. 31, 2008, or are redeemable at face value plus interest on Jan. 31, 2009.
Proceeds will be used for drilling and development at Elixir's Pompano gas project and for general working capital purposes.
Macquarie Bank Ltd. is the investor.
Elixir is an oil and natural gas exploration company based in Subiaco, Western Australia.
| Issuer: | Elixir Petroleum Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$3 million
|
| Notes: | 8,571,429
|
| Price: | A$0.35
|
| Coupon: | 10%
|
| Conversion price: | A$0.35
|
| Call: | Redeemable at face value plus interest on Jan. 31, 2009
|
| Warrants: | No
|
| Investor: | Macquarie Bank Ltd.
|
| Pricing date: | Jan. 25
|
| Stock symbol: | Australia: EXR
|
| Stock price: | A$0.25 at close Jan. 25
|
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