Oil and gas company offers 12% five-year convertibles to ANG, Blue Sky
By Devika Patel
Knoxville, Tenn., July 23 – Montana Exploration Corp. said it raised C$3.25 million in a private placement of 12% convertible debentures with ANG Partners, Ltd. and Blue Sky Exploration Ltd. ANG invested C$2 million, and Blue Sky invested C$1.25 million in the offering, which priced for between C$3.25 million and C$5.5 million on Jan. 29.
The convertibles mature in five years and may be converted into common shares at C$0.25, which is identical to the Jan. 28 closing share price.
The oil and gas producer is based in Calgary, Alta.
Issuer: | Montana Exploration Corp.
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Issue: | Convertible debentures
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Amount: | C$3.25 million
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Maturity: | Five years
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Coupon: | 12%
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Conversion price: | C$0.25
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Warrants: | No
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Investors: | ANG Partners, Ltd. (for C$2 million) and Blue Sky Exploration Ltd. (for C$1.25 million)
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Pricing date: | Jan. 29
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Settlement date: | July 23
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Stock symbol: | TSX Venture: MTZ
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Stock price: | C$0.25 at close Jan. 28
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Market capitalization: | C$17.49 million
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