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Stampede Drilling Inc. Announces Completion of Amendments to Convertible Debentures
Stampede Drilling Inc. Announces Completion of Amendments to Convertible Debentures ...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n \n \n \n Stampede Drilling Inc. Announces Completion of Amendments to Convertible Debentures\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 \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Nov. 2, 2020\n \n \n \n \n CALGARY, AB,\n \n Nov. 2, 2020\n \n /CNW/ - Stampede Drilling Inc. (\"\n \n Stampede\n \n \") announces that it has completed the previously announced restructuring of the terms of its 10.00% convertible unsecured debentures (the \"\n \n Debentures\n \n \") and has amended the terms of the Debentures to:\n \n \n \n extend the maturity date of the Debentures to\n \n October 31, 2023\n \n ;\n \n \n lower the conversion price (\"\n \n Conversion Price\n \n \") of the Debentures from\n \n $0.49\n \n to\n \n $0.21\n \n per common share (\"\n \n Common\n \n \n Share\n \n \") of Stampede, subject to adjustment in accordance with the terms and conditions of the Debentures;\n \n \n provide Stampede with the ability to pay accrued interest in Common Shares based on the average trading price of the Common Shares over the previous 30 trading days (subject to the prior approval from the TSX Venture Exchange (\"\n \n TSXV\n \n \")); and\n \n \n update the redemption thresholds in the Debentures, such that Stampede: (i) may not redeem the Debentures prior to\n \n October 31, 2021\n \n ; (ii) may redeem the Debentures on and after\n \n October 31, 2021\n \n and prior to\n \n October 31, 2022\n \n at the Redemption Price (as defined in the Debentures), provided the current market price of the Common Shares is at least 125% of the Conversation Price; and (iii) may redeem the Debentures on and after\n \n October 31, 2022\n \n at the Redemption Price, (collectively, the \"\n \n Amendments\n \n \").\n \n \n \n Stampede entered into amending agreements with 100% of the holders (the \"\n \n Debentureholders\n \n \") of Debentures effective as of\n \n October 31, 2020\n \n , whereby Stampede and the Debentureholders agreed to implement the Amendments to the Debentures.\n \n \n Additionally, Stampede has received conditional approval of the Amendments from the TSXV, wit...