Exall Energy Corporation Announces Closing of $20Exall Energy Corporation
TSX : EE
TSX : EE.DB
March 29, 2012 09:25 ET
Exall Energy Corporation Announces Closing of $20 Million Convertible Debenture Bought Deal Offering
CALGARY, ALBERTA--(Marketwire - March 29, 2012) -
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Exall Energy Corporation (TSX:EE)(TSX:EE.DB) ("Exall Energy", or the "Company") is pleased to announce that it has closed the previously announced bought deal offering (the "Offering") of 7.75% convertible unsecured subordinated debentures maturing March 31, 2017 (the "Debentures") for aggregate gross proceeds of $20 million. The Offering was conducted by way of a short form prospectus dated March 21, 2012 through a syndicate of underwriters co-led by Stonecap Securities Inc. and Emerging Equities Inc. and including Acumen Capital Finance Partners Limited, Dundee Securities Ltd. and Raymond James Ltd., who purchased 20,000 Debentures at a price of $1,000 per Debenture.
The net proceeds from the sale of the Debentures will be used to expand and accelerate the Company's capital program for the development of the Company's Gilwood light oil exploration and development program in Mitsue, Alberta and for additional working capital.
The Debentures are convertible into common shares of the Company at the option of the holder at a conversion price, subject to certain adjustments, of $2.15 per common share at any time prior to redemption or maturity and are listed for trading on the Toronto Stock Exchange under the symbol "EE.DB".