The notes will be convertible in whole or in part into CanArgo common stock at a price of $1.00 per share, subject to certain anti-dilution adjustments, and will mature on the fourth anniversary of the closing. The warrants are exercisable under certain conditions at a price of $1.00 per share, subject to adjustment, and expire on the second anniversary of the closing.
The planned use of proceeds are for the advancement of CanArgo's appraisal and development activities in Georgia including further development of the Ninotsminda Field, and appraisal of the Kumisi gas discovery.
CanArgo intends to file a registration statement with the SEC to register the shares of Common Stock underlying the warrants and the notes.
CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia and in the Republic of Kazakhstan.
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