NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
DISSEMINATION IN THE UNITED
STATES
CALGARY,
AB, Dec. 12, 2022 /CNW/ - Stampede Drilling
Inc. ("Stampede" or the "Company") (TSXV: SDI) announced today its
intention to redeem its issued and outstanding convertible
debentures (the "Debentures") on January 31,
2023 (the "Redemption Date").
Stampede intends to redeem all of the Debentures on the
Redemption Date in accordance with their terms. The aggregate
principal balance of the Debentures of approximately $2,512,000 will be redeemed for common shares of
Stampede ("Common Shares") at a deemed price of $0.3211 per Common Share (calculated in
accordance with the terms of the Debentures). The aggregate
accrued but unpaid interest on the Debentures, which will be
approximately $147,967, will be
settled in cash.
Assuming a full redemption of the principal balance outstanding
with Common Shares, Stampede anticipates issuing approximately
7,823,108 Common Shares (approximately 3.6% of Stampede's currently
issued and outstanding Common Shares). Holders of the Debentures
can elect to convert their principal balance and/or accrued
interest into Common Shares at the conversion price of $0.21 per Common Share until the close of
business on the business day immediately preceding the Redemption
Date.
Holders of the Debentures should refer to the terms of such
Debentures for more detailed information on redemption and
conversion.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Stampede Drilling Inc.