By Sheri Kasprzak
New York, July 20 - Torrent Energy Corp. said it has completed a private placement of convertible preferred stock for $12.5 million and the sale of $3.3 million in common shares.
The company sold 12,500 shares of series C convertible preferred stock at $1,000 each to Cornell Capital Partners LP.
The preferreds are convertible into common shares at the lesser of $3.00 each or 85% of the volume weighted average trading price for five trading days before conversion.
The preferreds pay annual dividends at 5%.
Torrent has received $6 million in proceeds from the preferreds offering already and expects to receive $3.5 million once a registration statement is filed and the remaining $3 million once the registration statement is effective.
Torrent also raised $3.3 million in a private placement of common shares.
The company sold 1.65 million shares at $2.00 each to three institutional investors.
Proceeds from both the preferreds and the common shares will be used to develop the company's well program in Coos Bay, Ore., and for working capital.
Torrent, based in Vancouver, B.C., is an oil and natural gas exploration company.
Convertibles
| Issuer: | Torrent Energy Corp.
|
| Issue: | Series C convertible preferred stock
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| Amount: | $12.5 million
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| Shares: | 12,500
|
| Price: | $1,000
|
| Dividends: | 5%
|
| Conversion price: | The lesser of $3.00 or 85% of the volume weighted average trading price for five trading days before conversion
|
| Warrants: | No
|
| Investor: | Cornell Capital Partners LP
|
| Settlement date: | July 12
|
| Stock price: | $2.39 at close July 12
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|
|
| Stock
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| Issuer: | Torrent Energy Corp.
|
| Issue: | Stock
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| Amount: | $3.3 million
|
| Shares: | 1.65 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Settlement date: | July 12
|
| Stock price: | $2.39 at close July 12
|
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