By Sheri Kasprzak
Atlanta, Dec. 23 - Energem Resources Inc. raised $20.5 million through a private placement of debentures for subsidiary GulfofGuinea Petroleum Corp. Inc.
The convertible debentures, which bear interest at 12% yearly, were sold to institutional investors on Dec. 22.
If the debentures are not converted by May 31, 2005, the principal and interest will be payable in cash on that date.
Energem, based in Vancouver, B.C., is a natural resources company. It plans to use the proceeds from the offering to develop and acquire upstream oil assets owned or negotiated by GulfofGuinea Petroleum.
| Issuer: | Energem Resources Inc.
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| Issue: | Convertible debentures
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| Amount: | $20.5 million
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| Coupon: | 12%
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| Price: | Par
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| Yield: | 12%
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| Settlement date: | Dec. 22
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| Stock price: | C$1.70 at close Dec. 22
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