Deal offers shares, 3% convertibles and funds Bayovar potash project
By Devika Patel
Knoxville, Tenn., Nov. 17 - Americas Petrogas Inc. said it completed an initial tranche of a non-brokered private placement that priced Nov. 1. The deal, which originally only included C$16 million of stock but was revised Nov. 15, will raise C$34 million through convertible notes and common stock.
The company is selling 28.8 million common shares at C$1.00 apiece for C$28.8 million and C$5.2 million of convertibles. It sold 17.5 million shares for C$17.5 million in the first tranche.
The price per share represents a 9.09% discount to C$1.10, the Oct. 29 closing share price.
The 3% notes have a three-year term. They are convertible into common shares from time to time at a price of C$1.00 per share, also a 9.09% discount to the Oct. 29 share price.
Settlement of a second tranche is expected Nov. 19.
Proceeds will be used for exploration and development of the company's Argentine oil and gas properties, to advance the Bayovar potash project and for general working capital purposes.
Americas Petrogas is a Calgary, Alta.-based oil and gas exploration and development company.
| Issuer: | Americas Petrogas Inc.
|
| Issue: | Common shares, convertible notes
|
| Amount: | C$34 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 1
|
| Revised: | Nov. 15
|
| Settlement dates: | Nov. 17 (for C$17.5 million), Nov. 19
|
| Stock symbol: | TSX Venture: BOE
|
| Stock price: | C$1.05 at close Nov. 1
|
| Market capitalization: | C$131.31 million
|
|
|
| Shares
|
| Amount: | C$28.8 million
|
| Shares: | 28.8 million
|
| Price: | C$1.00
|
|
|
| Notes
|
| Amount: | C$5.2 million
|
| Maturity: | Three years
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Conversion price: | C$1.00
|
| Conversion discount: | 9.09%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
