Sundance Energy plans C$15 million placement of convertible preferreds

Beaufort International sells preferreds with annual dividend payments

By Devika Patel

Knoxville, Tenn., March 13 - Sundance Energy Corp. said it will raise between C$5 million and C$15 million in a private placement of convertible preferred stock. The deal is being conducted on a best-efforts basis via agent Beaufort International Associates Ltd.

The company said it expects that the general nature of the offering will be such that the preferreds will have an annual dividend payment attached to them and will be convertible into common shares at a price above Sundance's current market price.

Pricing is expected March 23; settlement is expected in April.

The oil and gas company is based in Calgary, Alta.

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