By Devika Patel
Knoxville, Tenn., June 18 - FirstGrowth Exploration & Development Services Corp. said it will sell C$5 million in convertible debentures in a private placement.
The 10% debentures mature in four years. Interest will be payable semi-annually in arrears.
The debentures are convertible into common shares at any time with a conversion price of C$0.80 per share.
Proceeds will be used for additional equipment and general working capital.
Based in Vancouver, B.C., Firstgrowth provides geophysical services, which includes digital seismic imaging, data acquisition, processing and archiving to the oil and gas and mining industries.
| Issuer: | FirstGrowth Exploration & Development Services Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$5 million
|
| Maturity: | Four years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.80
|
| Warrants: | No
|
| Pricing date: | June 18
|
| Stock symbol: | TSX Venture: FGC
|
| Stock price: | $0.55 at close June 17
|
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