Non-brokered deal sells two-year secured debentures, funds exploration
By Devika Patel
Knoxville, Tenn., Dec. 23 – Vital Energy Inc. said it completed a C$2,125,000 non-brokered private placement of convertible secured debentures. The deal priced for C$2.5 million on Monday.
The 6% convertibles mature on Dec. 23, 2017 and convert to common stock at C$0.10 per share, which is an 11.11% premium to the Dec. 18 closing share price of C$0.09.
Director Hai Zhou invested C$1.95 million.
Proceeds will be used for the company’s oil and gas exploration and development program and general working capital purposes.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Vital Energy Inc.
|
| Issue: | Convertible secured debentures
|
| Amount: | C$2,125,000
|
| Maturity: | Dec. 23, 2017
|
| Coupon: | 8%
|
| Conversion price: | C$0.10
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Investor: | Hai Zhou (for C$1.95 million)
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 23
|
| Stock symbol: | TSX Venture: VUX
|
| Stock price: | C$0.09 at close Dec. 18
|
| Market capitalization: | C$5.14 million
|
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