Published on 1/21/2010 in the Prospect News PIPE Daily.
New Issue: Gulf & Pacific completes C$600,000 tranche of 8% convertibles placement
By Devika Patel
Knoxville, Tenn., Jan. 21 - Gulf & Pacific Equities Corp. said it raised C$600,000 in a private placement of 8% unsecured convertible debentures. The non-brokered deal priced for C$800,000 on Nov. 30 and was lifted to C$1 million on Dec. 7. The company raised C$1.75 million on Dec. 31 and may raise up to C$3.96 million in this deal.
The five-year debentures are convertible into common stock at C$0.25 per share in the first two years and at C$0.30 thereafter.
Based in Calgary, Alta., Gulf & Pacific is an acquirer of grocery-anchored shopping centers.
Issuer: | Gulf & Pacific Equities Corp.
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Issue: | Unsecured convertible debentures
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Amount: | C$3,956,250
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Maturity: | Five years
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Coupon: | 8%
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Price: | Par
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Yield: | 8%
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Conversion price: | C$0.25 in the first two years, C$0.30 thereafter
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Nov. 30
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Upsized: | Dec. 7, Dec. 31
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Settlement date: | Dec. 31 (for C$1,753,250), Jan. 21 (for C$600,000)
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Stock symbol: | TSX Venture: GUF
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Stock price: | C$0.17 at close Nov. 30
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Market capitalization: | C$1.24 million
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