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: SofaSpud who wrote (12963)10/24/1998 6:57:00 AM
From: Kerm Yerman  Read Replies (1) of 15196
 
FINANCING / Equatorial Energy Inc. Amends Convertible Debenture Terms

CALGARY, Oct. 23 /CNW/ - Equatorial Energy Inc. (''Equatorial'';
Vancouver - ''OZ'') announces it has amended the terms of the Cdn. $2 million
convertible debenture financing referred to in an announcement to the public
dated September 29, 1998.

The convertible debentures will bear interest at 10% and be convertible
into common shares of Equatorial on the basis of 2,800 common shares for every
Cdn. $1,000 face value of debentures issued. The term of the debentures
remains at 5 years, subject to Equatorial's right to call for conversion of
the debentures into common shares after two (2) years if Equatorial's common
shares trade in excess of Cdn. $1.00 for 20 consecutive days. Security for the
debentures will consist of a pledge of Equatorial's shares in a wholly owned
subsidiary, an assignment of certain accounts receivable, and a general
security agreement.

A company associated with one director and a trust associated with
another have subscribed for 37.5% of the issue and a commission of 2% will be
paid to the associated company. A warrant to acquire 300,000 common shares
for two years at a price of Cdn. $0.35 per share will be granted to a company
controlled by one of the directors and a company associated with the other
director.
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