Company issues two-year debenture to Annuity and Life Reassurance
By Marisa Wong
Madison, Wis., May 22 – Tethys Petroleum Ltd. said it has arranged an additional $1.7 million convertible loan facility with Annuity and Life Reassurance Ltd.
The company had negotiated on May 15 a $7.5 million convertible loan facility with AGR Energy Ltd. No. 1, as previously reported.
Similar to the AGR Energy convertible debenture, the Annuity and Life Reassurance debenture bears interest at 9%, has a two-year term and is callable at 103.5.
The debenture is convertible at $0.10 per share. The conversion price is a 35.48% premium to the May 21 closing share price.
The oil and gas explorer is based in Toronto.
| Issuer: | Tethys Petroleum Ltd.
|
| Issue: | Convertible loan facility
|
| Amount: | $7.5 million
|
| Maturity: | Two years
|
| Coupon: | 9%
|
| Conversion price: | $0.10
|
| Conversion premium: | 35.48%
|
| Call: | At 103.5
|
| Warrants: | No
|
| Investor: | Annuity and Life Reassurance Ltd.
|
| Pricing date: | May 22
|
| Stock symbol: | Toronto: TPL
|
| Stock price: | C$0.155 at close May 21
|
| Market capitalization: | C$50.48 million
|
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