Sundance Energy Announces Closing of Private Placement of Debentures
October 01 2013 - 10:43AM
Marketwired Canada
Sundance Energy Corporation ("Sundance" or the "Corporation") (TSX VENTURE:SNY)
(OTCQX:SNYXF) announced today that the Corporation has closed the previously
announced non-brokered private placement offering of 10% secured subordinated
convertible debentures in the principal amount of $500,000, subject to TSX
Venture Exchange final approval. The debentures will bear interest at the rate
of ten percent (10%) per annum, payable quarterly and will mature on the date
that is the earlier of: (a) five (5) years from the date of issuance; and (b)
the date that is sixty (60) days' following the receipt (the "60 Day Date") by
the Corporation of written notice from the holder of a debenture that the term
has been reduced to such 60 Day Date, which notice may be given in the holder's
sole discretion at any time during the period from two (2) years from the date
of issuance until five (5) years from the date of issuance of the debenture. The
debentures will be secured against the personal and real property of the
Corporation and will be convertible at the holder's option into common shares of
the Corporation (on a post-consolidation basis) at a conversion price of: (i)
$0.05 per common share until the date that is one (1) year from the closing
date; and (ii) $0.10 per common share for the period from the date following one
(1) year from the closing date up to and including the maturity date.
All securities issued in connection with the offering will be subject to a four
month hold period expiring on January 31, 2014. A finder acting in connection
with the offering received a fee of $50,000. The net proceeds from the offering
will be used to finance the Corporation's continuing capital program and for
general working capital purposes.
Forward Looking Statements
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Corporation's disclosure documents on the SEDAR website at
www.sedar.com. The Corporation does not undertake to update any forward-looking
information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sundance Energy Corporation
Jeffrey Standen
President and Chief Executive Officer
(403) 668-0427