Oil and gas company offers 12% five-year convertibles to ANG, Blue Sky
By Devika Patel
Knoxville, Tenn., Jan. 29 - Montana Exploration Corp. said it will raise between C$3.25 million and C$5.5 million in a private placement of 12% convertible debentures with ANG Partners, Ltd. and Blue Sky Exploration Ltd. ANG has committed to invest C$2 million and Blue Sky has committed C$1.25 million, and either may buy up to C$2.25 million more of debentures.
The convertibles mature in five years and may be converted into common shares at C$0.25, which is identical to the Jan. 28 closing share price.
The oil and gas producer is based in Calgary, Alta.
| Issuer: | Montana Exploration Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$3.25 million (minimum), C$5.5 million (maximum)
|
| Maturity: | Five years
|
| Coupon: | 12%
|
| Conversion price: | C$0.25
|
| Warrants: | No
|
| Investors: | ANG Partners, Ltd. (for at least C$2 million) and Blue Sky Exploration Ltd. (for at least C$1.25 million)
|
| Pricing date: | Jan. 29
|
| Stock symbol: | TSX Venture: MTZ
|
| Stock price: | C$0.25 at close Jan. 28
|
| Market capitalization: | C$23.61 million
|
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