By Sheri Kasprzak
Atlanta, June 16 - Landmark Oil & Gas Corp. said it plans to raise up to C$2 million in a private placement.
The offering includes up to 40 units of a minimum of C$50,000 in convertible debentures and a fractional interest in net profits interest in two of Landmark's oil and gas wells and certain parcels of its land.
The debentures bear interest at 12% annually, mature in two years and are convertible into common shares at C$0.25 each for the first year and C$0.40 each for the second year.
The offering is slated to close by July 29.
The proceeds from the deal will be used to fund Landmark's share of the Peace River Arch capital expenditure program. The remainder will be used to repay credit facilities and to provide working capital.
Based in Calgary, Alta., Landmark is an oil and natural gas exploration company.
| Issuer: | Landmark Oil & Gas Corp.
|
| Issue: | Units of C$50,000 in convertible debentures and a fractional interest in net profits interest in two oil and gas wells and certain parcels of land
|
| Amount: | C$2 million (maximum)
|
| Units: | 40 (maximum)
|
| Maturity: | Two years
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| Coupon: | 12%
|
| Price: | Par
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| Yield: | 12%
|
| Conversion price: | C$0.25 each for first year; C$0.40 each for second year
|
| Warrants: | No
|
| Pricing date: | June 15
|
| Settlement date: | July 29
|
| Stock price: | C$0.20 at close June 15
|
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