By Susanna Moon
Chicago, Oct. 13 – Manitok Energy Inc. said it priced an upsized C$21.2 million units of 10˝% senior secured notes due 2021 and warrants.
Manitok is now selling 212,071 units, with each unit consisting of C$100 principal amount 10˝% notes and 164 common share purchase warrants, up from 200,000 units, according to a company notice.
Raymond James Ltd. and Integral Wealth Securities Ltd. are the joint lead bookrunners.
The units will immediately separate into CEL notes and warrants upon issue.
Each warrant is exercisable C$0.18 per common share until 7 p.m. ET on Nov. 15, 2021, which is a 38.46% premium to the company’s closing price on Wednesday.
The company’s stock (Canada: MEI) closed at C$0.13 on Oct. 12.
Proceeds will be used for the acquisition of assets with remaining proceeds to be used to reduce drawdowns on Manitok’s senior secured credit facility.
Manitok is an oil and gas company based in Calgary, Alta.
| Issuer: | Manitok Energy Inc.
|
| Issue: | Units of senior secured notes and warrants
|
| Amount: | C$21.2 million
|
| Maturity: | Nov. 15, 2021
|
| Bookrunners: | Raymond James Ltd. and Integral Wealth Securities Ltd.
|
| Coupon: | 10˝%
|
| Warrants: | 164 per unit
|
| Warrant price: | C$0.18
|
| Warrant expiration: | Nov. 15, 2021
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 27
|
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