By Laura Lutz
Des Moines, Aug. 3 - WaveForm Energy Ltd. closed a C$9 million private placement of a convertible redeemable debenture.
Brookfield Bridge Lending Fund Inc. was the investor.
The debenture matures on July 30, 2009 and bears interest at the Canadian Imperial Bank of Commerce prime rate plus 200 basis points. Interest is payable monthly.
It is convertible into 81,818,181 class A common shares at C$0.11 per share.
WaveForm may redeem the debenture at any time for 108% of par.
This financing is in addition to a C$2.2 million private placement of units that was reported on Wednesday.
WaveForm is an oil and gas exploration and development company based in Calgary, Alta.
The company plans to change its name to Second Wave Petroleum Ltd. if shareholders approve the change at an Aug. 29 meeting.
| Issuer: | WaveForm Energy Ltd.
|
| Issue: | Convertible redeemable debenture
|
| Amount: | C$9 million
|
| Maturity: | July 30, 2009
|
| Coupon: | Canadian Imperial Bank of Commerce prime rate plus 200 bps
|
| Price: | Par
|
| Conversion ratio: | Into 81,818,181 class A shares
|
| Conversion price: | C$0.11
|
| Call: | For 108% of par
|
| Investor: | Brookfield Bridge Lending Fund Inc.
|
| Pricing date: | Aug. 1
|
| Stock symbol: | TSX Venture: WE.A
|
| Stock price: | C$0.10
|
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