Canada's Oilexco plans offering of convertible bonds

By Rebecca Melvin

New York, Nov. 14 - Oilexco Inc. has filed a preliminary prospectus with securities regulators in certain provinces of Canada for an offering of convertible senior unsecured bonds, according to a news release.

The bonds are being offered via Canaccord Capital Corp., and the principal amount, conversion price and other terms have not been determined.

Net proceeds will be used to repay some bank debt, to fund the company's 2009 capital spending program and for general corporate purposes.

Further information could not be obtained from either the company or the underwriter.

Oilexco is a Calgary, Alta.-based oil and gas exploration and production company active in the United Kingdom, specifically in the Outer Moray Firth and Central Graben areas of the U.K. central North Sea.

Oilexco shares are listed on the London Stock Exchange and the Toronto Stock Exchange under the symbol "OIL."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.