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Ecopetrol ADR Representing 20 Ord Shs V.EC


Primary Symbol: EC

Ecopetrol S.A. is an oil company. The Company operates in Colombia, Peru, Brazil and the United States Gulf Coast. The Company's segments include Exploration and Production, Transportation and Logistics, and Refining, Petrochemicals and Biofuels. The Company's Exploration and Production segment includes exploration, development and production activities in Colombia and abroad. The Company's Transportation and Logistics segment includes the transportation of crude oil, motor fuels, fuel oil and other refined products, including diesel and biofuels. The Company's main crude oil pipeline systems' operating capacity is approximately 1.34 million barrels per day (BPD). The Company's main refineries are the Barrancabermeja refinery, which it directly owns and operates, and a refinery in the Free Trade Zone in Cartagena that is operated by Reficar S.A., a subsidiary of the Company. The Company also owns and operates two other minor refineries: Orito and Apiay.


NYSE:EC - Post by User

Post by Nikolaion Sep 05, 2014 9:11pm
412 Views
Post# 22911893

Welcome news! Bringing FS etc. up-to-date is good.

Welcome news! Bringing FS etc. up-to-date is good. Ecometals to offer $500,000 (U.S.) of debentures

2014-09-05 14:10 ET - News Release

 

Mr. William Lamarque reports

ECOMETALS ANNOUNCES CONVERTIBLE DEBENTURE FINANCING

Ecometals Ltd. intends to complete a private placement of convertible debentures. The offering will consist of up to 500 units of securities of the company at a price of $1,000 (U.S.) per unit for maximum aggregate proceeds of up to $500,000 (U.S.) and is subject to the conditional acceptance of the NEX.

The company's listing was recently transferred to the NEX from the TSX Venture Exchange, as the company has not maintained the requirements for a TSX Venture Exchange Tier 2 company. The company was not able to satisfy its obligations to file its audited financial statements for the financial years ended March 31, 2013, and March 31, 2014, the related annual management's discussion and analysis, and related chief executive officer and chief financial officer certifications in accordance with the requirements of National Instrument 51-102 -- Continuous Disclosure Obligations, National Instrument 52-109 -- Certification of Disclosure in Issuer's Annual and Interim Filings, and other applicable securities laws.

As a result of the above, the company is currently operating under a cease trade order by both the British Columbia Securities Commission and the Alberta Securities Commission. No part of the proposed financing is occurring in British Columbia or Alberta.

In accordance with Section 5.4 of the NEX policies, the company intends to undertake a one-time financing of $500,000 (U.S.) to bring the company's continuous disclosure record up to date. The proceeds of the financing will be principally used to complete the company's 2013 and 2014 financial statements, repay certain existing debt, and pay for associated legal and accounting services in order to rectify the company's continuous disclosure obligations.

Each unit comprises a convertible unsecured debenture of the company in the principal amount of $1,000 (U.S.), convertible at the option of the holder at any time up to and including the date of maturity, being the first anniversary of the issuance of the debenture, for 20,000 common shares of the company. The remainder of the unit consists of 20,000 common share purchase warrants, with each warrant entitling the holder thereof to acquire one common share at a price of five cents until the first anniversary of the issuance of the warrant.

We seek Safe Harbor.

© 2014 Canjex Publishing Ltd. All rights reserved.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C:EC-2210275&symbol=EC&region=C

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