Deal funds operations, land acquisitions, general corporate purposes
By Devika Patel
Knoxville, Tenn., March 7 - High North Resources Ltd. said it plans a C$10 million private placement of 10,000 convertible unsecured subordinated debentures, sold at C$1,000 apiece.
The 12% debenture matures on April 4, 2015. It converts to common stock at a conversion price of C$0.85, which is a 30.77% premium to C$0.65, the March 6 closing share price.
The offering is being conducted on a commercially reasonable efforts basis by GMP Securities LP.
Proceeds will be used for operations, land acquisitions and general corporate purposes.
High North is a Calgary, Alta., oil and gas development company.
| Issuer: | High North Resources Ltd.
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$10 million
|
| Debentures: | 10,000
|
| Price: | C$1,000
|
| Maturity: | April 4, 2015
|
| Coupon: | 12%
|
| Conversion price: | C$0.85
|
| Conversion premium: | 30.77%
|
| Warrants: | No
|
| Agent: | GMP Securities LP
|
| Pricing date: | March 7
|
| Stock symbol: | TSX Venture: HN
|
| Stock price: | C$0.65 at close March 6
|
| Market capitalization: | C$22.11 million
|
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