- Raise Production Inc. (RPC) has entered into shares for debt agreements with the holders of its secured convertible debentures
- The company will issue common shares at C$0.04 in full and final satisfaction of the company’s obligations
- An aggregate of C$2,334,027 in debt will be settled and a total of 58,350,685 shares will be issued to the creditors
- Raise Production is a technologically driven and innovative oilfield service company
- Raise Production Inc. (RPC) is unchanged, trading at C$0.04 per share at 11 am ET
Raise Production Inc. (RPC) has entered into shares for debt agreements with the holders of its secured convertible debentures.
The debt settlements will result in the company issuing common shares at C$0.04 per share, in full and final satisfaction of the company’s obligations under the debentures.
Pursuant to the shares for debt agreements, an aggregate of C$2,334,027 in debt will be settled and a total of 58,350,685 shares will be issued to the creditors.
The shares issued will represent 33.6 per cent of the issued and outstanding shares of Raise Production following the completion of the debt settlements.
The debt settlements are subject to the approval of the TSX Venture Exchange and the shares issued will be subject to a statutory 4-month hold period.
Raise Production is a technologically driven and innovative oilfield service company focused on the production service sector.
Raise Production Inc. (RPC) is unchanged, trading at C$0.04 per share at 11 am ET.