SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : KERM'S KORNER
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Arnie who wrote (8921)2/9/1998 9:19:00 PM
From: Kerm Yerman   of 15196
 
FINANCING / Total Energy Services Ltd Announces $24 Million Financing

CALGARY, Feb. 9 /CNW/ - Total Energy Services Ltd. (''Total'') is pleased
to announce that it has signed term sheets pursuant to which it intends to
raise an aggregate of $24 million through a combination of debt and equity.

Total has entered into an agreement with the Hongkong Bank of Canada
pursuant to which HKBC will, subject to certain conditions, provide Total with
a $12 million five-year term loan and a $2 million revolving equipment
acquisition facility. Total has also agreed to engage a syndicate comprised of
Peters & Co. Limited, RBC Dominion Securities Inc. and Canaccord Capital
Corporation to act as agents for Total on a best efforts basis in connection
with a private placement of $10 million of Special Warrants at a price to be
determined. Each Special Warrant will entitle the holder to acquire one common
share of Total. The Special Warrants will be sold pursuant to private
placement exemptions from prospectus requirements, subject to the receipt of
applicable regulatory approvals.

The proceeds from these financings will be used to pay the cash portion
of the purchase price for the previously announced acquisition by Total of the
assets of Elm Oilpatch Rentals Ltd., to repay all existing indebtedness, to
provide working capital and to purchase additional capital assets as deemed
appropriate by management of Total.

The closing of these financings and the acquisition of the assets of Elm
Oilpatch Rentals Ltd. is expected to occur in late February.

Total is an energy services company involved in the rental of equipment
to the oil and gas drilling industry in northwestern Alberta.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News