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Shelton Petroleum holders exchange 98% convertible bonds due 2013; rest opt for conversion
By Susanna Moon
Chicago, Oct. 23 - Shelton Petroleum AB said holders of about 98%, or SEK 22.41 million, of its convertible bonds due on Dec. 31, 2013 tendered their notes for exchange, and the remaining holders opted to convert their notes into shares.
The company offered to swap out the bonds for new convertible bonds due 2014, according to a press release.
Holders had until Oct. 15 to exchange their notes.
The new notes will be convertible into shares from June 1, 2014 to June 15, 2014.
All other terms remain unchanged.
Holders of SEK 360,000 of the convertibles due 2013 will convert their notes into 22,500 new B shares.
Shelton Petroleum is a Stockholm-based company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine.
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