By Devika Patel
Knoxville, Tenn., Dec. 14 - FairWest Energy Corp. said it took in C$2 million in a private placement of series 1, 14% secured subordinated convertible debentures. The deal priced on Dec. 5.
The notes mature on Oct. 31, 2009 and are convertible into common shares at any time after March 1, 2008.
The debentures are convertible at C$0.45 per share, which works out to a conversion rate of about 2,222.22 shares for each C$1,000 principal amount of the notes.
Interest is payable monthly.
FairWest is an oil and natural gas company based in Calgary, Alta.
| Issuer: | FairWest Energy Corp.
|
| Issue: | Series 1 secured subordinated convertible debentures
|
| Amount: | C$2 million
|
| Maturity: | Oct. 31, 2009
|
| Coupon: | 14%
|
| Price: | Par of C$1,000
|
| Yield: | 14%
|
| Conversion price: | C$0.45
|
| Conversion rate: | 2,222.22
|
| Warrants: | No
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 14
|
| Stock symbol; | Toronto: FEC
|
| Stock price: | C$0.15 at close Dec. 5
|
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