By Devika Patel
Knoxville, Tenn., Jan. 18 - Ranger Canyon Energy Inc. completed a C$1.2 million non-brokered private placement of convertible debentures and detached warrants.
The company sold 1,200 debentures at C$1,000 apiece. Each investor also will receive one and a half detached warrants for every C$1.00 of debentures. Each whole warrant is exercisable at C$0.20 for two years.
The notes have a 12% coupon, payable quarterly, and may be converted, at the holder's option, anytime after Jan. 18, 2009 if they have not been redeemed. The conversion price is C$0.10 per share.
Insiders bought C$250,000 of the notes.
The company paid a C$84,000 finder's fee.
Proceeds will be used for exploration and general working capital.
Based in Calgary, Alta., Ranger Canyon explores for, develops and produces crude oil, natural gas, and natural gas liquids.
| Issuer: | Ranger Canyon Energy Inc.
|
| Issue: | Convertible debentures, warrants
|
| Amount: | C$1.2 million
|
| Debentures: | 1,200
|
| Coupon: | 12%
|
| Price: | Par of C$1,000
|
| Yield: | 12%
|
| Conversion price: | C$0.10
|
| Warrants: | One and a half warrants per C$1.00 of debentures
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Fees: | C$84,000
|
| Settlement date: | Jan. 18
|
| Stock symbol: | Pink Sheets: RCEYF
|
| Stock price: | C$0.0001 at close Jan. 18
|
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