KDC Energy completes C$2.07 million debenture, common stock financing

KDC gets OK to change name to Clearview Resources, issue preferreds

By Marisa Wong

Madison, Wis., Jan. 10 - KDC Energy Ltd. said that it closed the final tranche of a brokered financing and a non-brokered subordinated debenture and common share financing. In total, it sold C$20,700 of shares and C$2.05 million principal amount of 5% subordinated debentures.

In the brokered sale, KDC issued 271,523,181 voting common shares for gross proceeds of C$8,200 and C$811,800 principal amount of 5% subordinated debentures. Mackie Research Capital Corp. was the agent.

In the non-brokered deal, KDC sold 413,907,276 common shares for proceeds of C$12,500 and C$1.24 million principal amount of 5% subordinated debentures.

In addition, on Jan. 6, KDC's shareholders approved the articles of amendment that would (a) consolidate the common shares on the basis of 33,000 old shares for one new share, (b) change the name of the corporation to Clearview Resources Ltd. and (c) create class A, class B and class C preferred shares, issuable in series.

All of the issued and outstanding 5% debentures except for the $49,500 principal amount held by a non-Canadian holder were converted into class A preferreds effective Jan. 7.

Clearview Resources is a Calgary, Alta.-based oil and gas exploration and production company.

Issuer:	Clearview Resources Ltd.
Issue:	Common stock, 5% subordinated debentures
Amount:	C$20,700 of stock, C$2,049,300 of notes
Shares:	685,430,457
Warrants:	No
Settlement date:	Jan. 10
Brokered placement:
Amount:	C$8,200 of shares, C$811,800 of notes
Shares:	271,523,181
Agent:	Mackie Research Capital Corp.
Non-brokered placement:
Amount:	C$12,500 of shares, C$1,237,500 of notes
Shares:	413,907,276
Agent:	Non-brokered

© 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.