By Devika Patel
Knoxville, Tenn., Dec. 29 - FairWest Energy Corp. said it will sell C$4 million in 14% series 2 secured subordinated convertible redeemable debentures.
The debentures, sold in increments of C$1,000, are convertible into common stock at C$0.15 per share until Dec. 31, 2011.
The first tranche is scheduled to settle Dec. 30, with a subsequent tranche closing on Jan. 31.
Proceeds will be used to repay debt, to optimize the company's oil and gas properties and for other general corporate purposes.
FairWest is an oil and natural gas company based in Calgary, Alta.
| Issuer: | FairWest Energy Corp.
|
| Issue: | Series 2 secured subordinated convertible redeemable debentures
|
| Amount: | C$4 million
|
| Maturity: | Dec. 31, 2011
|
| Coupon: | 14%
|
| Price: | Par of C$1,000
|
| Yield: | 14%
|
| Conversion price: | C$0.15
|
| Warrants: | No
|
| Pricing date: | Dec. 29
|
| Settlement dates: | Dec. 30, Jan. 31
|
| Stock symbol: | Toronto: FEC
|
| Stock price: | C$0.04 at close Dec. 29
|
| Market capitalization: | C$5.84 million
|
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