Deal offers 12% three-year debentures with a C$0.25 conversion price
By Devika Patel
Knoxville, Tenn., July 14 – Madalena Energy Inc. said on Wednesday that it sold C$1.8 million of convertible debentures as part of a C$10 million non-brokered private placement.
The 12% note is due June 30, 2019 and is convertible into common shares at C$0.25 per share, which is a 38.89% premium to the July 12 closing share price of C$0.18. The note may be prepaid at prices ranging from 102 to 106.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Madalena Energy Inc.
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| Issue: | Convertible debentures
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| Amount: | C$10 million
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| Maturity: | June 30, 2019
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| Coupon: | 12%
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| Conversion price: | C$0.25
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| Conversion premium: | 38.89%
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| Call: | At 102 to 106
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| Warrants: | No
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| Agent: | Non-brokered
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| Settlement date: | July 13 (for C$1.8 million)
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| Stock symbol: | TSX Venture: MVN
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| Stock price: | C$0.18 at close July 12
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| Market capitalization: | C$94.86 million
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