FINANCING / Benz Energy Ltd. Special Notes Offering
BENZ ANNOUNCES CONVERSION PRICE FOR SPECIAL NOTES OFFERING AND
ADDITION OF RP&C INTERNATIONAL AS CO-LEADER OF OFFERING
HOUSTON, Feb. 9 /CNW/ -- Benz Energy Ltd. (Vancouver: BZG) is
pleased to announce that RP&C International Limited, formerly Rauscher, Pierce
& Clark, has agreed to co-lead the previously announced offering of Benz
special notes that are exchangeable for 9% convertible debentures. RP&C is
focusing on the European market and Dominick and Dominick Securities, Inc. of
Toronto, the other co-leader, is focusing on the North American markets.
Benz, Dominick & Dominick and RP&C International have set the conversion
price of the convertible debenture at Cdn $1.70 per share based on the market
for Benz stock through February 6th. In addition, Benz may redeem the
debentures at any time after a period of four years from closing. Holders of
the debenture who convert prior to the date that is 18 months after the
closing date will receive a 5% premium in the number of shares issued upon
conversion. The closing date is anticipated to be no later than February 26,
1998.
Benz Energy Ltd. is an exploration and development oil and gas company
based in Houston, Texas, targeting the onshore Gulf Coast of the U.S. Benz
acquires and utilizes an extensive base of 3-D seismic data, maintains
significant acreage positions in its projects, and currently has an inventory
of 28 exploration prospects.
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