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Ensign Closes $25.95 Million Private Placement of Unsecured, Subordinated Convertible Debentures
Ensign Closes $25.95 Million Private Placement of Unsecured, Subordinated Convertible Debe...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\nEnsign Closes $25.95 Million Private Placement of Unsecured, Subordinated Convertible Debentures\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 29, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, March 29, 2018 /CNW/ - Ensign Energy Services Inc. (\"Ensign\" or the \"Corporation\") (TSX: ESI) is pleased to announce the closing of a non-brokered private placement (the \"Offering\") of unsecured, subordinated convertible debentures of the Corporation (the \"Debentures\"), for gross proceeds of CAD $25.95 million. The Debentures bear interest from the date of closing at 7.0% per annum, payable semi-annually in arrears, on April 1 and October 1 of each year, with the first payment of interest due on October 1, 2018. The Debentures will mature on January 31, 2022 (the \"Maturity Date\"). The Corporation may complete an additional closing of the Offering for up to CAD $10 million in order to accommodate additional subscribers.\n\nThe Debentures are convertible at the option of the holder into common shares of the Corporation (\"Common Shares\") at any time prior to the close of business on the Maturity Date upon at least 61 days prior notice, at a conversion price of $7.00 per Common Share, subject to customary anti-dilution adjustments (the \"Conversion Price\"). Holders converting their Debentures will receive accrued and unpaid interest thereon (if any), up to, but excluding, the date of conversion.\n\nIf, on and after April 1, 2021, the closing price of the Common Shares on the Toronto Stock Exchange exceeds 125% of the Conversion Price for at least 30 consecutive trading days, the Debentures may be redeemed by the Corporation for cash, in whole or in part from time to time, on not more than 90 days and not less than 60 days prior notice, at a redemption price equal to the outstanding principal amount of the Debentures plus accrued and unpaid interest thereon (if any), up to, but excluding, the date of redemption.\n\nThe net proceeds of the Offering will be use...