12% two-year convertible secured debentures sold to fund acquisition
By Devika Patel
Knoxville, Tenn., Feb. 22 - 3MV Energy Corp. said it settled a C$2 million non-brokered private placement of convertible secured debentures with Dallas Duce. The deal priced Feb. 20.
The debenture accrues interest at a rate equal to 12% and is due in two years. It may be prepaid and converts to common stock at a conversion price of C$0.27, which is an 8% premium to the Feb. 19 closing share price of C$0.25.
The company used proceeds for the acquisition of certain assets in its core Fiske area.
The oil and gas exploration and development company is based in Calgary, Alta.
| Issuer: | 3MV Energy Corp.
|
| Issue: | Convertible secured debenture
|
| Amount: | C$2 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Conversion price: | C$0.27
|
| Call: | Yes
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Dallas Duce
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 22
|
| Stock symbol: | TSX Venture: TMV
|
| Stock price: | C$0.25 at close Feb. 19
|
| Market capitalization: | C$10.2 million
|
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