By Devika Patel
Knoxville, Tenn., Oct. 9 - Longford Corp. announced it has closed a C$2.2 million private placement of convertible debentures.
The two-year debentures will have a 12% coupon, calculated and payable semiannually. Any principal or interest outstanding under the debentures will be secured against the company's general assets. The note may be repaid at the company's option without penalties.
Aberdeen International Inc. has bought C$750,000 in debentures, and Stan Bharti, a director of both Longford and Aberdeen, has indirectly bought C$200,000 in debentures.
Longford is a Toronto-based oil and gas exploration company.
| Issuer: | Longford Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$2.2 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Warrants: | No
|
| Investors: | Aberdeen International Inc. (for C$750,000); Stan Bharti (for C$200,000)
|
| Settlement date: | Oct. 9
|
| Stock symbol: | TSX Venture: LFD
|
| Stock price: | $0.05 at close Oct. 5
|
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