Pyramid Aims to Raise $15MM through Convertible Debenture Offering
Pyramid Petroleum, Inc. has engaged Research Capital Corporation to act as lead agent, on a best-efforts basis, for an offering of up to $15.0 million in convertible debentures of Pyramid. The indicative terms of the Offering include, among others, that the convertible debentures shall have a term of 5 years, shall bear an interest rate of 8.5% per year, with interest payments to be made semi-annually, and shall be convertible into common shares of the Company at any time following the closing of the Offering at a price that represents a premium of 25% to the 30-day volume-weighted average share price of Pyramid prior to the closing of the Offering.
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