By Sheri Kasprzak
New York, Aug. 26 - Energy Exploration Technologies Inc. said it plans to raise between $1.5 million and $2 million in convertible debt.
The debenture bears interest at 10% annually, matures in 18 months and is convertible into common shares at $0.70 each.
The debenture comes with attached warrants, but the exact number of warrants could not be determined Friday. The warrants are exercisable at $1.00 each for two years.
So far, the company has received a commitment from a major Canadian investment dealer for a portion of the offering.
The proceeds will be used for working capital and for commercial contracts in North America and internationally.
Based in Calgary, Alta., Energy Exploration develops stress field detector technology for use in the oil and natural gas exploration sector.
| Issuer: | Energy Exploration Technologies Inc.
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| Issue: | Convertible debenture
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| Amount: | $2 million (maximum); $1.5 million (minimum)
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| Maturity: | 18 months
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | $0.70
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| Warrants: | Attached warrants
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| Warrant expiration: | Two years
|
| Warrant strike price: | $1.00
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| Pricing date: | Aug. 26
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| Stock price: | $0.65 at close Aug. 25
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