Company sells 8% notes to finance general working capital purposes
By Devika Patel
Knoxville, Tenn., May 6 - Terrace Energy Corp. said it will raise C$15 million by selling 8% convertible unsecured promissory notes in a non-brokered private placement.
The notes, which are due on April 2, 2018, are convertible into common shares at C$2.00 per share, a 2.56% premium to the May 3 closing share price of C$1.95. The company may force conversion after April 2, 2014.
Proceeds will be used for financial commitments and general working capital purposes.
Terrace is an oil and gas explorer based in Vancouver, B.C.
| Issuer: | Terrace Energy Corp.
|
| Issue: | Convertible unsecured promissory notes
|
| Amount: | C$15 million
|
| Maturity: | April 2, 2018
|
| Coupon: | 8%
|
| Conversion price: | C$2.00
|
| Conversion premium: | 2.56%
|
| Call: | After April 2, 2014
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 6
|
| Stock symbol: | TSX Venture: TZR
|
| Stock price: | C$1.95 at close May 3
|
| Market capitalization: | C$126.14 million
|
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