By Devika Patel
Knoxville, Tenn., Feb. 13 - Twoco Petroleums Ltd. said it will sell up to C$8 million of its 12% unsecured redeemable convertible debentures in a private placement.
The debentures are due March 31, 2011 and are convertible into common shares at C$2.50.
The company may redeem the debentures if its stock closes above C$2.75 for more than 21 consecutive trading days.
Settlement is expected March 31.
Proceeds will be used partially to repay the company's 7.5% redeemable convertible unsecured debentures, which mature March 31, 2009, and for general corporate purposes.
Calgary, Alta.-based Twoco is an oil and natural gas exploration company.
| Issuer: | Twoco Petroleums Ltd.
|
| Issue: | Unsecured redeemable convertible debentures
|
| Amount: | C$8 million
|
| Maturity: | March 31, 2011
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | C$2.50
|
| Warrants: | No
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 31
|
| Stock symbol: | TSX Venture: TWO
|
| Stock price: | C$1.38 at close Feb. 13
|
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