Business
Ram Power, Corp. announces closing of C$50.9 million Senior Debenture Private Placement
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/ , Ma...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\n\n\n, March 27, 2013 /CNW/ - Ram Power, Corp. (TSX:RPG) (\"Ram Power\" or the\n \"Company\"), a renewable energy company focused on the development,\n production and sale of electricity from geothermal energy, announced\n today that it successfully closed a C$50.9 million Senior Debenture\n Private Placement (the \"Private Placement\").\n\n\nThe Company issued a total of 50,855 units (the \"Units\") at a price of\n C$1,000 per Unit for gross proceeds of C$50,855,000. Each Unit consists\n of a C$1,000 secured debenture of the Company (each a \"Debenture\") and\n 1,000 share purchase warrants (each common share purchase warrant, a\n \"Warrant\"). The Debentures are at an interest rate of 8.5% per annum\n payable semi-annually with a maturity date of March 27, 2018. Each\n Warrant entitles the holder to acquire one common share of the Company\n at a price of C$0.30 until March 27, 2018.  The Private Placement was\n marketed by Cormark Securities Inc. on behalf of the Company on a best\n efforts agency basis. \n\n\nThe net proceeds of the Private Placement, together with approximately\n C$4 million of the Company's funds, were used to repay in full the\n Company's existing corporate credit facility and associated transaction\n costs.\n\n\nAntony Mitchell, Executive Chairman of Ram Power, stated, \"The board of\n directors for the Company continues to seek out and achieve critical\n milestones to enhance shareholder value.  The new debenture issuance\n enhances long-term cash flow at the parent level while we continue to\n develop our portfolio of projects in Nicaragua.  Additionally, I would\n like to thank the tremendous amount of support for the Company from\n both new debenture holders as well as our existing Corporate Credit\n Facility lenders Sprott Resource Lending Partnership, Exploration\n Capital Partners 2008 Limited Partnership and Newberry International\n Holdings Ltd.\"\n\n\nTHIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED\n STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES\n ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION. THERE WILL BE NO\n PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES.\n\n\nTHE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN REGISTERED UNDER ...