New Issue: Gulf & Pacific sells C$3.61 million of 8% convertibles via placement

By Devika Patel

Knoxville, Tenn., Feb. 9 - Gulf & Pacific Equities Corp. said it raised a total of C$3.61 million in a private placement of 8% unsecured convertible debentures. The deal priced for up to C$1 million on Nov. 30 and was increased twice, on Dec. 7 and Dec. 31.

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.
Issue:	Unsecured convertible debentures
Amount:	C$3,606,250
Maturity:	Five years
Coupon:	8%
Price:	Par
Yield:	8%
Conversion price:	C$0.25 in the first two years, C$0.30 thereafter
Warrants:	No
Agent:	Non-brokered
Pricing date:	Nov. 30
Upsized:	Dec. 7, Dec. 31
Settlement date:	Feb. 9
Stock symbol:	TSX Venture: GUF
Stock price:	C$0.17 at close Nov. 30
Market capitalization:	C$2.13 million

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