Proceeds used to repay debt under secured subordinated credit facility
By Devika Patel
Knoxville, Tenn., Nov. 2 - 3MV Energy Corp. said it plans a C$1 million non-brokered private placement of convertible secured debentures with director Dallas Duce. The company also said it will continue with its C$5 million placement of units, which priced Oct. 19.
The debenture accrues interest at 12% and is due in two years. It may be prepaid and converts to common stock at a conversion price of C$0.29, which is identical to the Nov. 1 closing share price.
Proceeds will be used to repay debt under the company's secured subordinated credit facility.
The oil and gas exploration and development company is based in Calgary, Alta.
| Issuer: | 3MV Energy Corp.
|
| Issue: | Convertible secured debenture
|
| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Conversion price: | C$0.29
|
| Call: | Yes
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Dallas Duce
|
| Pricing date: | Nov. 2
|
| Stock symbol: | TSX Venture: TMV
|
| Stock price: | C$0.29 at close Nov. 1
|
| Market capitalization: | C$9.86 million
|
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