By Laura Lutz
Des Moines, July 9 - Aspen Group Resources Corp. raised C$3.143 million from a private placement of secured convertible debentures.
The two-year debentures bear interest at 10% per year, payable semiannually.
Aspen may prepay all or part of the debentures without penalty at any time.
Holders may convert the debentures at any time at a conversion price of C$0.15 per share.
Proceeds will be used for repayment of debt, working capital, general corporate purposes, and exploration and drilling.
Aspen is an oil and natural gas producer based in Calgary, Alta.
| Issuer: | Aspen Group Resources Corp.
|
| Issue: | Secured convertible debentures
|
| Amount: | C$3.143 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.15
|
| Settlement date: | July 9
|
| Stock symbol: | Toronto: ASR
|
| Stock price: | C$0.11 at close July 9
|
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