Canada's Opal Energy cancels offering of $35 million five-year convertibles

By Rebecca Melvin

New York, Sept. 4 - Canada's Opal Energy Corp. said it has determined not to proceed with the convertible senior secured notes offering initially announced on July 9 and is instead pursuing alternative means to finance its drilling initiatives, according to a news release.

"We decided it was in the best interest of the company not to proceed with the offering due to adverse market conditions," president and CEO Barry Williamson stated in the release.

Initially Opal said it planned to price up to $35 million of five-year convertible senior secured notes under Rule 144A. There was a greenshoe for up to an additional $5.25 million of notes.

Proceeds of the proposed offering had been earmarked to fund natural gas and oil exploration and production efforts in the onshore Gulf Coast region of Texas.

Opal Energy's common shares are publicly traded in Canada on the TSX Venture Exchange under the symbol "OPA."

Opal Energy is an independent exploration and production company, focused on developing onshore natural gas resources in south Texas. The company is based in Vancouver, B.C., with a satellite office in Victoria, Texas.

© 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.