Published on 1/27/2010 in the Prospect News PIPE Daily.
New Issue: Gulf & Pacific sells another C$1.12 million 8% five-year convertibles
By Devika Patel
Knoxville, Tenn., Jan. 27 - Gulf & Pacific Equities Corp. said it raised C$1.12 million in the third closing of a private placement of 8% five-year 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 C$600,000 on Jan. 21. It 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 dates: | Dec. 31 (for C$1,753,250), Jan. 21 (for C$600,000), Jan. 27 (for C$1,120,500)
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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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