North Sea Energy Announces Convertible Debenture Financing Closure for $3.8 Million

North Sea Energy Inc. (TSXV:NUK) announced that it has closed the first tranche of a non-brokered private placement of unsecured convertible debenturesfor gross proceeds of $3,800,000.

As quoted in the press release:

The subscription price per Debenture is $1,000. Interest on the Debentures is 7.75%, payable semi-annually, for a term of five years from the issue date. The Debentures are convertible into common shares of the Company at the holder’s option at any time after four months from the date of issuance at a price of $0.45 per Common Share and upon 20 business days’ notice to the Company. The Company may elect to convert the Debentures on each anniversary date of the date of issuance of the Debentures at the Conversion Price. The Company shall have the right at any time after December 1, 2015 to repay all or a portion of the Debentures without the consent of the holders, subject to the right of the holders to convert prior to such prepayment. The Debentures will be subject to a hold period expiring on March 23, 2013.

To view the whole press release, click here.