Business
Bonterra Energy Corp. Announces Brokered Private Placement Debt Financing, Restructuring of Credit Facilities to Fully Conforming State and Subordinated Debt Conversion
Bonterra Energy Corp. Announces Brokered Private Placement Debt Financing, Restructuring ...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n \n \n \n Bonterra Energy Corp. Announces Brokered Private Placement Debt Financing, Restructuring of Credit Facilities to Fully Conforming State and Subordinated Debt Conversion\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./\n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 20, 2021\n \n /CNW/ - Bonterra Energy Corp. (\n \n www.bonterraenergy.com\n \n ) (TSX: BNE) (\"\n \n Bonterra\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has successfully closed a brokered private placement debt financing (the \"\n \n Initial\n \n \n Offering\n \n \"), enhancing financial flexibility and achieving its goal of restructuring all bank debt to a fully conforming revolving credit facility.\n \n \n The Initial Offering consists of an aggregate of 32,000 units (the\n \n \"Units\n \n \") of the Company, with each Unit being comprised of one senior unsecured debenture (each a \"\n \n Debenture\n \n \"), with a face value of\n \n $1,000\n \n which bears interest at 9.0% per annum and has a four year term, and 56 common share purchase warrants (the \"\n \n Warrants\n \n \") of Bonterra, with each Warrant exercisable to acquire one common share (\"\n \n Common Share\n \n \") of Bonterra at price of\n \n $7.75\n \n per Common Share (representing a 15% premium to the 5-day volume weighted average trading price of the Common Shares on the TSX ended\n \n October 20, 2021\n \n ), for a period of four years from\n \n October 20, 2021\n \n . Each Unit was issued at a price of\n \n $1,000\n \n (the \"\n \n Issue Price\n \n \") for gross proceeds to Bonterra of\n \n $32 million\n \n .\n \n \n The Company intends to use the net proceeds of the Initial Offering and the Follow On Offering (as defined herein) primarily to pay down existing bank debt and for general corporate purposes.\n \n \n \n Amended and Restated Credit Agreement (the \"Facility\")\n \n \n \n In conjunction with the closing of the Initial Offering, Bont...