Stampede Drilling will redeem outstanding convertibles in January

Chicago, Dec. 12 – Stampede Drilling Inc. will redeem all its outstanding convertible debentures on Jan. 31, according to a press release.

The C$2,512,000 convertibles will be redeemed for common shares of the company at C$0.3211 per common share.

Interest of C$147,967 will be settled in cash.

Stampede intends to issue 7,823,108 common shares.

Holders of the debentures can elect to convert their principal balance into common shares at the conversion price of C$0.21 per common share until the close of business the day preceding the redemption date.

The company had previously restructured the debentures and extended the maturity date until Oct. 31, 2023, according to the Prospect News archive.

Based in Calgary, Alta., Stampede provides drilling services in western Canada.

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