- NG Energy International Corp. (GASX) closed its upsized $35 million non-brokered private placement offering of senior secured convertible debenture units
- Each debenture unit included one 10 per cent convertible senior secured debenture in the amount of $1,000, maturing on November 30th, 2025
- One unit also consisted of 1,000 common share purchase warrants of the company
- Funds will go towards completing phase one of the company’s exploration program at Sinu-9, and the remaining proceeds will be used for working capital
- Also, Jorge Fonseca has been appointed as the company’s new CFO, effective today
- NG Energy International Corp. (GASX) is up 7.14 per cent, trading at $1.05 per share as of 3:54 p.m. EST
NG Energy International Corp. (GASX) closed its upsized $35 million non-brokered private placement offering of senior secured convertible debenture units.
Each debenture unit included one 10 per cent convertible senior secured debenture in the amount of $1,000, maturing on November 30th, 2025, and 1,000 common share purchase warrants of the company. Each warrant allows the holder to purchase one additional common share at $1.08 for a period of three years.
The principal amount of each convertible debenture will be convertible into common shares at a conversion price of $0.90.
Insiders subscribed for 5,350 debenture units.
Net proceeds of the offering will be used to complete the Brujo-1x and Hechicero-1x wells before the end of this year. This will provide the funds to complete phase one of the company’s exploration program at Sinu-9, and the remaining proceeds will be used for working capital.
NG energy also announced the appointment of Jorge Fonseca as the company’s new CFO, effective today. As such, Marianella Bernal will move from her role as CFO to Senior Vice President of Finance and assume the Country Manager role in Colombia.
NG Energy International Corp. (GASX) is up 7.14 per cent, trading at $1.05 per share as of 3:54 p.m. EST.