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Primeline Energy to issue 644,505 shares to GRF Prime

Wednesday, March 15, 2017 13:01
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(Before It's News)

Primeline Energy Holdings Inc. (CVE:PEH) will issue 644,505 new ordinary shares of Primeline to GRF Prime Ltd., the company said on Wednesday.

The shares are payment of a portion of interest accrued on $18mln principal amount convertible bonds issued to GRF, a resources fund managed by GEMS Investment Management Ltd. of Hong Kong. Interest is payable on the bonds quarterly at 7% per annum, of which 4.5% is payable in cash and 2.5% in shares.

The shares will be issued at a deemed price of 23.5 cents per share, yesterday’s closing TSX Venture Exchange price.

Upon completion of the issue, GRF will own 10,923,945 shares, representing approximately 5.8% of the company’s 189,265,244 shares issued and outstanding.

Story by ProactiveInvestors


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