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NG Energy Looks To Raise $45 Million For Further Development Of Sinu-9

NG Energy (TSXV: GASX) appears to be in search of additional funding. The firm last night indicated that it is looking to conduct a best efforts marketed prospectus offering for the sale of convertible debenture units.

The company is looking to raise aggregate proceeds of $45.0 million under the offering, via the sale of 45,000 convertible debenture units. Units are to bear interest at a rate of 8% per annum, with a maturity five years from the closing of the offering. Debentures are to convert at a price of $2.25 per share.

Each unit will also come with 400 common share purchase warrants, valid for a period of five years from the date of issuance with an exercise price of $2.50. They also have an acceleration clause, whereby the company can force their acceleration in the event the equity trades above $3.00 on a volume weighted basis for ten consecutive trading days.

An over-allotment option has also been issued, enabling the underwriters to sell up to 15% of additional units under the offering.

Both the debentures and warrants are expected to be listed for trading on the Neo Exchange.

Proceeds from the offering are to be used to re-enter the Tinka-1 gas exploration well, and drill two gas exploration wells at the firms Sinu-9 property. Proceeds are to also be used for seismic to be conducted at the Tiburon block, as well as for working capital purposes.

NG Energy last traded at $1.65 on the TSX Venture.


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