Canadian Superior Energy Completes US $15 Million Private Placement
Canadian Superior Energy has completed the private placement of US$15 million of Preferred Share Purchase Units to West Coast Asset Management's West Coast Opportunity Fund, LLC on the same basic terms and conditions as the Preferred Share Purchase Unit Offering announced December 8, 2005. The term for exercising the previously announced Preferred Share Purchase Units' Warrants has been increased from thirty (30) months to thirty-six (36) months; however, Canadian Superior's option to pay the quarterly dividend by way of issuance of Common Shares at market has been reduced from an annualized dividend rate, in lieu of the 5% cash dividend rate, to 5.75 from 6%.
The proceeds from the Offering will be used by Canadian Superior
for drilling and development of its holdings offshore Trinidad and
Tobago. Canadian Superior is currently in the process of finalizing
drilling rig negotiations for drilling offshore Trinidad and Tobago
later this year.
- Canadian Superior Energy Notes Operational Updates (Jun 03)
- Canadian Superior Energy Posts 1Q10 Results (May 13)
- Canadian Superior Energy Waves Goodbye to COO (May 05)