Arcan to close exchange of 6.25%, 6.5% convertibles on Feb. 13

By Toni Weeks

San Luis Obispo, Calif., Feb. 11 – Arcan Resources Ltd. announced that it will close the exchange of its C$86.25 million of 6.25% convertible unsecured subordinated debentures due Feb. 28, 2016 and C$85 million of its 6.5% convertible unsecured subordinated debentures due Oct. 31, 2018 into common shares on Feb. 13, extended from Feb. 6.

As previously reported, the company announced on Feb. 2 that it had received approval from holders of an overall 85.1% of its 6.25% and 6.5% debentures to exchange the securities.

Bondholders were asked to vote for a proposed transaction that would result in the exchange of all of the issued and outstanding debentures into equity at an exchange price of C$0.15 per share, according to a previous press release.

Arcan is a Calgary, Alta.-based company engaged in the exploration, development and acquisition of petroleum and natural gas located in the Western Canada sedimentary basin.

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