Deal sells 30,000 units of a C$1,000 promissory note and 150 warrants
By Devika Patel
Knoxville, Tenn., Aug. 11 – Pine Cliff Energy Ltd. has arranged C$30 million private placement of units with Alberta Investment Management Corp., according to a Wednesday press release from the investor.
The company will sell 30,000 units of one C$1,000 promissory note and 150 warrants at C$1,000 per unit.
The 6.75% notes are due on Sept. 30, 2020.
The warrants are each exercisable at C$1.38 until Aug. 10, 2018. The strike price is a 79.22% premium to the Aug. 9 closing price of C$0.77.
Pine Cliff is an oil and natural gas exploration and development company based in Calgary, Alta.
| Issuer: | Pine Cliff Energy Ltd.
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| Issue: | Units of a $1,000 promissory note and 150 warrants
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| Amount: | C$30 million
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| Units: | 30,000
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| Price: | C$1,000
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| Maturity: | Sept. 30, 2020
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| Coupon: | 6.75%
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| Warrants: | 150 warrants per unit
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| Warrant expiration: | Aug. 10, 2018
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| Warrant strike price: | C$1.38
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| Investor: | Alberta Investment Management Corp.
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| Pricing date: | Aug. 10
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| Stock symbol: | TSX Venture: PNE
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| Stock price: | C$0.77 at close Aug. 9
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| Market capitalization: | C$182.43 million
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