By Sheri Kasprzak
New York, July 18 - Triangle Petroleum Corp. said it has completed a private placement for $5 million.
The company sold an 8% convertible debenture to a single sophisticated investor.
The debenture matures on June 10, 2007 and is convertible into common shares at $1.00 each.
The investor received a warrant for 5 million shares, exercisable at $1.00 each through June 15, 2008.
The company had begun the financing round on June 17 when it sold a $1 million debenture under the same terms to the same investor.
Proceeds from the deal will be used to acquire oil and gas leases. The remainder will be used for general corporate purposes.
Based in Calgary, Alta., Triangle is an oil and natural gas exploration and development company.
| Issuer: | Triangle Petroleum Corp.
|
| Issue: | Convertible debentures
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| Amount: | $5 million
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| Maturity: | June 10, 2007
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| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
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| Conversion price: | $1.00
|
| Warrants: | For 5 million shares
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| Warrant expiration: | June 15, 2008
|
| Warrant strike price: | $1.00
|
| Settlement date: | July 18
|
| Stock price: | $3.44 at close July 15
|
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