Big Sky Closes Private Placement
Big Sky Energy Corp. on Monday announced the closing of the private placement of a US$15 million 6.0% convertible note due June 30, 2008.
The note is automatically convertible into common shares of the company at a conversion price of US$1.22 (subject to certain adjustments) and subject to certain terms and conditions. Interest on the note is payable in cash on a semi-annual basis.
Westwind Partners (UK) Limited acted as sole agent to Big Sky in connection with the private placement of the convertible notes. Big Sky will use the net proceeds from this financing to drill additional wells in its Morskoe Block (principally the Ogai Field) and the Dauletaly Block, as well as for working capital.
"This financing will enable the company to accelerate the drilling of some prospective wells which we believe will be very significant in continuing the growth of this company," said Al Sehsuvaroglu, Big Sky’s president and CEO.
Big Sky Energy Corp. is a U.S. junior oil and gas company looking to develop assets in the world's most prolific basins in order to become a leading low-cost finder of hydrocarbons. The company is currently operating in Kazakhstan's renowned pre-Caspian Basin.
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- Big Sky Spuds Ogai Well in Western Kazakhstan (Dec 29)