By Devika Patel
Knoxville, Tenn., Feb. 8 - Westbow Energy Inc. said it has raised C$693,000 from the fourth tranche of a C$4 million private placement of convertible debentures. The deal priced Aug. 30.
In this tranche, the company sold 693 debentures. So far, it has sold 2,747 debentures for C$2.75 million.
The company plans to sell up to 4,000 of the 10.5% redeemable, retractable subordinated debentures at $1,000 per note.
Proceeds will be used to reduce debt and for general corporate purposes.
Based in Calgary, Alta., Westbow is an oil and natural gas exploration company.
| Issuer: | Westbow Energy Inc.
|
| Issue: | Redeemable, retractable subordinated debentures
|
| Amount: | C$4 million
|
| Coupon: | 10.5%
|
| Price: | Par of $1,000
|
| Warrants: | No
|
| Pricing date: | Aug. 30
|
| Settlement date: | Feb. 8 (for C$693,000)
|
| Stock symbol: | TSX Venture: WBW
|
| Stock price: | C$0.28 at close Aug. 30
|
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