By Sheri Kasprzak
New York, Aug. 8 - Exceed Energy Inc. said it has agreed to sell C$3 million in stock and a C$2 million convertible debenture to a single institutional investor.
The company sold 14,285,714 class A shares at C$0.21 each and sold the 10% debenture to K&K Capital Group as.
The debenture matures on Jan. 1, 2007 and is convertible into class B common shares at C$1.35 each before maturity.
The debenture may only be redeemed before maturity if the company's stock is greater than 130% of the conversion price.
Based in Calgary, Alta., Exceed is an oil and natural gas exploration company.
Stock
| Issuer: | Exceed Energy Inc.
|
| Issue: | Class A common shares
|
| Amount: | C$3 million
|
| Shares: | 14,285,714
|
| Price: | C$0.21
|
| Warrants: | No
|
| Investor: | K&K Capital Group as
|
| Announcement date: | Aug. 5
|
| Stock price: | C$0.225 at close Aug. 5
|
|
|
| Convertible debenture
|
| Issuer: | Exceed Energy Inc.
|
| Issue: | Convertible debenture
|
| Amount: | C$2 million
|
| Maturity: | Jan.1, 2007
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$1.35
|
| Call: | Not redeemable before maturity unless price per share exceeds 130% of conversion price
|
| Investor: | K&K Capital Group as
|
| Announcement date: | Aug. 5
|
| Stock price: | C$0.225 at close Aug. 5
|
|
|
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