Investor Hillair will receive warrants for 47,641,002 common shares
By Devika Patel
Knoxville, Tenn., July 7 – American Natural Energy Corp. said it sold an $835,899 8% original issue discount senior secured convertible debenture to Hillair Capital Investments, LP. In addition, the investor agreed to amend the $1.75 million senior secured redeemable debenture, which was issued to Hillair by TCA Global Credit Master Fund LP.
The new debenture is due Jan. 1, 2016 and will convert to common shares at $0.10 per share.
In conjunction with the debenture Hillair received warrants for 47,641,002 common shares. Of the warrants, 28 million are exercisable at $0.12 for five years and 19,641,002 are exercisable at $0.10 for two years.
The strike prices are 500% and 400% premiums to the July 3 closing share price of $0.02. The conversion price is a 400% premium to that price.
The interest rate of the amended debenture is being adjusted to 16%, and the debenture will mature on Jan. 1, 2016.
Tulsa, Okla.-based American Natural is an oil and natural gas exploration company.
| Issuer: | American Natural Energy Corp.
|
| Issue: | Original issue discount senior secured convertible debentures
|
| Amount: | $835,899
|
| Maturity: | Jan. 1, 2016
|
| Coupon: | 8%
|
| Conversion price: | $0.10
|
| Warrants: | For 47,641,002 shares
|
| Warrant strike prices: | $0.12, $0.10
|
| Warrant expiration: | Five years, two years
|
| Investor: | Hillair Capital Investments, LP
|
| Settlement date: | July 7
|
| Stock symbol: | OTCBB: ANRUF
|
| Stock price: | $0.02 at close July 3
|
| Market capitalization: | $528,100
|
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