CALGARY, ALBERTA--(Marketwire - Feb. 21, 2012) -
NOT FOR RELEASE OVER UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION INTHE UNITED STATES
NAL Energy Corporation (TSX:NAE) ("NAL" or the "Corporation") today announced it has completed its previously announced bought deal offering of $150 million principal amount of 6.25% convertible unsecured subordinated debentures maturing March 31, 2017, which included the exercise, in full, of the over-allotment option granted to the underwriters under the offering. RBC Capital Markets,BMO Capital Markets and CIBC co-led the syndicate of underwriters for the offering which also included Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., GMP Securities L.P. and Peters & Co. Limited.
NAL will use the net proceeds of this financing to repay outstanding indebtedness under the Corporation's existing bank credit facility, to fund the maturity of the existing 6.75% convertible unsecured subordinated debentures due August 2012 and for general corporate purposes.