Company raises proceeds for the drilling and completion of wells
By Devika Patel
Knoxville, Tenn., July 3 - American Natural Energy Corp. said it signed a term sheet for a $3 million sale of unsecured convertible debentures.
The 12% convertibles are due in two years and convert to common stock at $0.10 per share.
The offering includes 100% warrant coverage. Each of the two-year warrants is exercisable at $0.23.
Proceeds will be used for the drilling and completion of wells.
Tulsa, Okla.-based American Natural is an oil and natural gas exploration company.
| Issuer: | American Natural Energy Corp.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | $3 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Conversion price: | $0.10
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.23
|
| Pricing date: | July 3
|
| Stock symbol: | TSX Venture: ANR.U
|
| Stock price: | C$0.06 at close July 2
|
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