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Recovery Energy extends maturity of its secured convertible debentures
Company to issue $5 million more of debentures
By Devika Patel
Knoxville, Tenn., April 18 - Recovery Energy, Inc. amended its 8% senior secured convertible debentures on April 17, extending their maturity date to May 16, 2014.
One investor agreed to purchase an additional $1.5 million of debentures within 90 days, and the company also plans to offer another $3.5 million of debentures to other debenture holders, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The proceeds will be used to expand the company's drilling program.
In addition, the maturity date of the company's term loans with Hexagon, LLC was extended to May 16, 2014.
In consideration for the extension, the company must provide both Hexagon and the debenture holders an additional security interest in 15,000 acres (or 30,000 acres in aggregate) of its undeveloped acreage.
Based in Denver, Recovery Energy is a development-stage independent oil and gas company.
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