Three-year 10% secured redeemable debentures convert at C$0.10
By Devika Patel
Knoxville, Tenn., May 20 - Nordic Oil and Gas Ltd. said it sold another C$158,000 of three-year series B 10% secured convertible redeemable debentures in the second tranche of a C$1 million private placement. The company raised C$545,000 on April 21.
The debentures are convertible into common stock at C$0.10 per share, an 11.11% premium to the April 20 closing share price of C$0.09. They may be called at 105 plus interest and mature April 21, 2014.
Proceeds will be used for general corporate and working capital.
Nordic is an oil and gas company based in Winnipeg, Man.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Series B secured convertible redeemable debentures
|
| Amount: | C$1 million
|
| Maturity: | April 21, 2014
|
| Coupon: | 10%
|
| Conversion price: | C$0.10
|
| Call: | 105 plus interest
|
| Warrants: | No
|
| Settlement dates: | April 21 (for C$545,000), May 20 (for C$158,000)
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.09 at close April 20
|
| Market capitalization: | C$7.34 million
|
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