By Sheri Kasprzak
New York, Sept. 16 - Landmark Oil & Gas Corp. said it has arranged a private placement of units for up to C$5 million.
The company plans to sell units of C$25,000 in principal of convertible debentures and a fractional interest in net profits from the San Benito, Calif., oil and gas projects and the Peace River Arch oil and gas project.
The 12% debentures mature in two years and are convertible into common shares at C$0.35 each for the first year and C$0.50 for the second year.
The deal is expected to close Oct. 31.
The offering is being conducted to provide for the company's capital expenditure budget for land acquisition, drilling and production for the next six months. The rest of the proceeds will be used to repay existing credit facilities and to provide extra working capital.
Based in Calgary, Alta., Landmark is an oil and natural gas exploration company.
| Issuer: | Landmark Oil & Gas Corp.
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| Issue: | Units of C$25,000 in convertible debentures and a fractional interest in profits from the San Benito, Calif., oil and gas property and the Peace River Arch oil and gas project
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| Amount: | C$5 million
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| Maturity: | Two years
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| Coupon: | 12%
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| Price: | Par
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| Yield: | 12%
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| Conversion price: | C$0.35 for the first year; C$0.50 for the second year
|
| Warrants: | No
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 31
|
| Stock price: | C$0.22 at close Sept. 15
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