By Devika Patel
Knoxville, Tenn., Oct. 8 - Advance Energy Ltd. said it has issued A$1 million of convertible notes. It also has redeemed A$4.23 million of convertibles.
The issued convertibles, sold at A$1.00 apiece, have a 12% coupon and mature Jan. 29, 2009.
They are convertible after Jan. 29, 2009 at the higher of A$0.10 or a 30-day weighted average share price.
Proceeds will be used for debt retirement and working capital.
Advance Energy, based in West Perth, Australia, is focused on the acquisition and development of oil and gas producing assets in Texas.
| Issuer: | Advance Energy Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$1 million
|
| Price: | Par of A$1.00
|
| Maturity: | Jan. 29, 2009
|
| Coupon: | 12%
|
| Conversion price: | The higher of A$0.10 or a 30 day weighted average share price
|
| Warrants: | No
|
| Settlement date: | Oct. 8
|
| Stock symbol: | Australia: AVD
|
| Stock price: | A$0.066 at close Oct. 8
|
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