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SURGE ENERGY INC. ANNOUNCES CLOSING OF CONVERTIBLE DEBENTURE FINANCING AND NOTICE OF REDEMPTION OF 6.75% CONVERTIBLE DEBENTURES DUE JUNE 30, 2024
SURGE ENERGY INC. ANNOUNCES CLOSING OF CONVERTIBLE DEBENTURE FINANCING AND NOTICE OF REDEMPTION O...
About this update from Surge Energy Inc.
[{"type":"text","content":"\n \n \n \n SURGE ENERGY INC. ANNOUNCES CLOSING OF CONVERTIBLE DEBENTURE FINANCING AND NOTICE OF REDEMPTION OF 6.75% CONVERTIBLE DEBENTURES DUE JUNE 30, 2024\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 \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Oct. 19, 2023\n \n \n /CNW/ - Surge Energy Inc. (\"Surge\" or the \"Company\") (TSX: SGY) is pleased to announce that it has closed the previously announced convertible debenture financing with a syndicate of underwriters (the \"Underwriters\"), led by National Bank Financial Inc., pursuant to which the Underwriters purchased an aggregate principal amount of\n \n $48.3 million\n \n of convertible unsecured subordinated debentures of the Company (the \"Debentures\"), including exercise in full of the over-allotment option granted to the Underwriters (the \"Over-Allotment Option\") on a \"bought-deal\" basis (the \"Financing\").\n \n \n \n \n \n \n \n \n \n The net proceeds of the Financing will be used to fund the redemption of the Company's currently outstanding\n \n $34,500,000\n \n 6.75% Convertible Unsecured Subordinated Debentures due\n \n June 30, 2024\n \n (the \"2019 Debentures\"), as well as for general corporate purposes. Pending the repayment of the 2019 Debentures, the net proceeds of the Financing may temporarily be used to reduce general corporate indebtedness.\n \n \n The Debentures are listed on the Toronto Stock Exchange (the \"TSX\") under the symbol \"SGY.DB.B\" (CUSIP 86880YAC3).\n \n \n The Debentures offered, and the common shares in the capital of the Company issuable on conversion or redemption thereof, have not and will not be registered under the U.S. Securities Act of 1933, as amended (the \"Act\"), and may not be offered or sold in\n \n the United States\n \n absent registration or an applicable exemption from the registration requirements under the Act. This press release does not constitute an offer to sell or a solicitation of any offer to buy the common shares in\n \n the United States\n \n .\n \n \n \n NOTICE OF REDEMPTION OF 6.75% CONVERTIBLE DEBENTURES\n \n \...