By Laura Lutz
Des Moines, Sept. 19 - Result Energy Inc. closed a private placement of convertible debentures for C$3.275 million.
The debentures will bear interest at Prime rate plus 300 basis points and will be due Feb. 28, 2008. They are convertible into common shares at C$1.15 per share.
Result may repay the debentures in cash at any time after one year.
If Result's common shares trade at C$1.35 or above at any time more than a year after closing, Result may require conversion of the debentures.
Directors and officers of Result subscribed for C$225,000 of the offering.
Proceeds will be used for general corporate purposes and for working capital.
Based in Calgary, Alta., Result is an oil and natural gas exploration company.
| Issuer: | Result Energy Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$3.275 million
|
| Maturity: | Feb. 28, 2008
|
| Price: | Par
|
| Yield: | Prime rate plus 300 basis points
|
| Conversion price: | C$1.15
|
| Warrants: | No
|
| Settlement date: | Sept. 19
|
| Stock symbol: | TSX Venture: RTE
|
| Stock price: | C$0.80 at close on Sept. 19
|
© 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.
