By Devika Patel
Knoxville, Tenn., Nov. 6 - Nordic Oil and Gas Ltd. said it sold C$497,000 in three-year 10% secured convertible redeemable debentures as part of a C$3 million private placement. The deal priced Sept. 24.
The debentures are convertible into common stock at C$0.15 per share.
Each debenture is also redeemable at 105.
Proceeds will be used for general corporate and working capital purposes.
Nordic is an oil and gas company based in Winnipeg, Man.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Secured convertible redeemable debentures
|
| Amount: | C$3 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.15
|
| Call: | At 105
|
| Warrants: | No
|
| Pricing date: | Sept. 24
|
| Settlement date: | Nov. 6 (for C$497,000)
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.12 at close Sept. 24
|
| Market capitalization: | C$5.91 million
|
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