Non-brokered deal offers debentures to fund acquisitions, development
By Devika Patel
Knoxville, Tenn., Oct. 14 - Mountainview Energy Ltd. said it has negotiated a non-brokered private placement of convertible debentures. The company said Wednesday that it would sell $4.2 million in units.
The $1.1 million in convertible debentures have a one-year term and accrue interest at Prime plus 1 basis point per year. Interest is payable at maturity. The debenture may be converted into common shares at $2.50 per share.
Proceeds will be used to further the company's acquisition and development program and for general corporate purposes.
Mountainview Energy is an oil and gas company based in Cut Bank, Mont.
| Issuer: | Mountainview Energy Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | $1.1 million
|
| Maturity: | One year
|
| Coupon: | Prime plus 1 bps
|
| Price: | Par
|
| Yield: | Prime plus 1 bps
|
| Conversion price: | $2.50
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 13
|
| Stock symbol: | TSX Venture: MVW
|
| Stock price: | C$0.285 at close Oct. 13
|
| Market capitalization: | C$3.42 million
|
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