By Sheri Kasprzak
Atlanta, Jan. 13 - Landmark Oil & Gas Corp. plans to raise up to C$2 million in a private placement.
The offering includes up to 2,000 convertible debentures at C$1,000 each.
The debentures bear interest at 10% annually and mature in two years. The debentures are convertible into common shares at C$0.25 each.
The deal is scheduled to close by Feb. 28.
Based in Calgary, Alta., Landmark is an oil and natural gas exploration and development company. It plans to use the proceeds from the offering to fund its ongoing natural gas drilling program at the Peace River Arch, to repay existing credit facilities and for general working capital.
| Issuer: | Landmark Oil & Gas Corp.
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| Issue: | Convertible debentures
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| Amount: | C$2 million
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| Maturity: | Two years
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | C$0.25
|
| Warrants: | No
|
| Pricing date: | Jan. 12
|
| Stock price: | C$0.17 at close Jan. 12
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