By Devika Patel
Knoxville, Tenn., Nov. 13 - Nordic Oil and Gas Ltd. said it will raise C$2.5 million in a private placement of 8% convertible debentures.
The two-year debentures are convertible into common shares at a conversion price of C$0.12.
Proceeds will be used for non-flow-through development drilling and general corporate purposes.
Nordic is an oil and gas company based in Winnipeg, Man.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$2.5 million
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.12
|
| Warrants: | No
|
| Pricing date: | Nov. 13
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.09 at close Nov. 13
|
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