Company sells 5% notes at par to NGP Triangle; notes convert at $8.00
By Devika Patel
Knoxville, Tenn., Aug. 1 - Triangle Petroleum Corp. sold $120 million of 5% convertible promissory notes at par to NGP Triangle Holdings, LLC on July 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Each note is initially convertible into common shares at $8.00 per share, a 42.35% premium to the July 30 closing share price of $5.62. Interest may be paid in kind.
The convertibles do not have a stated maturity. The company may redeem the notes in increments.
Calgary, Alta.-based Triangle Petroleum is an oil and gas exploration company.
Issuer: | Triangle Petroleum Corp
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Issue: | Convertible promissory notes
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Amount: | $120 million
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Coupon: | 5%
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Price: | Par
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Conversion price: | $8.00
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Warrants: | No
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Investor: | NGP Triangle Holdings, LLC
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Settlement date: | July 31
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Stock symbol: | OTCBB: TPLM
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Stock price: | $5.62 at close July 30
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Market capitalization: | $257.35 million
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