By Devika Patel
Knoxville, Tenn., Dec. 6 - Advanced Explorations Inc. said it will conduct a C$65 million private placement of stock and a convertible debenture.
The company will sell up to 3 million common shares at C$4.00 each for C$12 million and issue a five-year convertible debenture for C$53 million.
The debenture will bear interest at Prime rate plus 100 basis points and will convert to common shares at C$5.25 per share.
The share offering will settle by Jan. 30, and the debenture will wrap on April 6.
The company will pay a 10% finder's fee in cash, shares or both.
Advanced Explorations is a Toronto-based petroleum and mineral exploration company.
| Issuer: | Advanced Explorations Inc.
|
| Issue: | Common shares, convertible debenture
|
| Amount: | C$65 million
|
| Fees: | 10% in cash or shares
|
| Pricing date: | Dec. 6
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$2.89 at close Dec. 6
|
|
|
| Shares
|
| Amount: | C$12 million
|
| Shares: | 3 million
|
| Price: | C$4.00
|
| Warrants: | No
|
| Settlement date: | Jan. 30
|
|
|
| Debenture
|
| Amount: | C$53 million
|
| Maturity: | Five years
|
| Coupon: | Prime rate plus 100 bps
|
| Price: | Par
|
| Conversion price: | C$5.25
|
| Warrants: | No
|
| Settlement date: | April 6
|
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