Business
JOURNEY ENERGY INC. ANNOUNCES $38 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OFFERING
JOURNEY ENERGY INC. ANNOUNCES $38 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OFFERING Cana...
About this update from Journey Energy, Inc.
[{"type":"text","content":"\n \n \n \n JOURNEY ENERGY INC. ANNOUNCES $38 MILLION \"BOUGHT DEAL\" PRIVATE PLACEMENT OFFERING\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 THE U.S. NEWSWIRE OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 5, 2024\n \n \n /CNW/ - Journey Energy Inc. (TSX: JOY) (the \"\n \n Company\n \n \" or \"\n \n Journey\n \n \") is pleased to announce that it has entered into an agreement with Echelon Wealth Partners Inc. (the \"\n \n Underwriter\n \n \") pursuant to which the Underwriter has agreed to purchase, on a bought deal, private placement basis, 38,000 senior unsecured convertible debentures of the Company (the \"\n \n Convertible Debentures\n \n \", each a \"\n \n Convertible\n \n \n Debenture\n \n \") at a price of\n \n $1,000\n \n per Convertible Debenture for total gross proceeds of\n \n $38,000,000\n \n (the \"\n \n Offering\n \n \"). The Offering is to be led by a group of strategic U.S. institutional investors.\n \n \n \n \n \n \n \n \n \n Each Convertible Debenture shall be convertible into common shares of the Company (the \"\n \n Common Shares\n \n \") at a price of\n \n $5.00\n \n per share for a period of five years following the Closing Date (as defined herein). The Convertible Debentures will bear interest at a rate of 10.25% per annum payable semi-annually in arrears on\n \n March 31\n \n and\n \n September 30\n \n in each year commencing\n \n September 30, 2024\n \n .\n \n \n The Convertible Debentures will be direct, senior unsecured obligations of the Company ranking\n \n pari passu\n \n with all other current and future senior unsecured debt and other liabilities of the Company, effectively subordinated to all current and future secured debt and other liabilities of the Company to the extent of the assets securing such debt and other liabilities and senior to any future debt of the Company that is expressly subordinated to the Convertible Debentures. The Convertible Debentures will not b...