By Devika Patel
Knoxville, Tenn., Nov. 1 - Odyssey Petroleum Corp. announced it has secured C$1.5 million through an agreement with Trafalgar Capital Specialized Investment Fund, FIS for a C$1.5 million loan secured by a 30-month convertible debenture.
The note is convertible into common shares at C$0.15 per share for the first two years and at C$0.165 per share for the last six months of the loan. The debenture has a 10% coupon, which will be paid monthly, and may be redeemed by Odyssey at any time, except if the company's shares are trading at 120% of the conversion price or if the conversion would result in Trafalgar owning more than 9.99% of Odyssey's voting shares.
Any shares issued upon conversion will have a four-month hold period.
Proceeds will be used for drilling and for general working capital purposes.
Based in Vancouver, B.C., Odyssey is an oil and natural gas exploration company.
| Issuer: | Odyssey Petroleum Corp.
|
| Issue: | Convertible debenture
|
| Amount: | C$1.5 million
|
| Maturity: | 30 months
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Conversion price: | C$0.15 in the first two years, C$0.165 in final six months
|
| Warrants: | No
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: ODE
|
| Stock price: | C$0.07 at close Oct. 22
|
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