Wedgemount Closes Second Tranche of Over-Subscribed Debenture Offering
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has successfully closed the second tranche of its over-subscribed convertible debenture offering, raising $745,000. The total gross proceeds from both tranches amount to $2,450,000. Each $1,000 Debenture Unit includes convertible debentures with a 10% annual interest rate and 2,941 warrants exercisable at $0.30 until September 10, 2027.
The debentures are convertible to common shares at $0.17 per share and mature in 36 months. The company plans to use the proceeds for the Huggy assets acquisition, optimization of oil and gas assets, and working capital. Wedgemount has also engaged Canaccord Genuity as a financial advisor and entered into marketing agreements with Outside the Box Capital Inc. and Proactive Investors North America Inc. to enhance its market presence.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ha chiuso con successo il secondo tranche della sua offerta di obbligazioni convertibili che ha riscosso un notevole successo, raccogliendo $745,000. Il totale dei proventi lordi dalle due tranche ammonta a $2,450,000. Ogni Unità di Obbligazione da $1,000 include obbligazioni convertibili con un tasso di interesse annuo del 10% e 2,941 warranti esercitabili a $0.30 fino al 10 settembre 2027.
Le obbligazioni sono convertibili in azioni ordinarie a $0.17 per azione e scadono in 36 mesi. L'azienda prevede di utilizzare i proventi per l'
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ha cerrado con éxito la segunda tranche de su oferta de bonos convertibles, recaudando $745,000. El total de ingresos brutos de ambas tranches asciende a $2,450,000. Cada Unidad de Bono de $1,000 incluye bonos convertibles con una tasa de interés anual del 10% y 2,941 warrants que se pueden ejercer a $0.30 hasta el 10 de septiembre de 2027.
Los bonos son convertibles en acciones comunes a $0.17 por acción y vencen en 36 meses. La compañía planea utilizar los ingresos para la adquisición de los activos Huggy, la optimización de activos de petróleo y gas, y el capital de trabajo. Wedgemount también ha contratado a Canaccord Genuity como asesor financiero y ha firmado acuerdos de marketing con Outside the Box Capital Inc. y Proactive Investors North America Inc. para mejorar su presencia en el mercado.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF)는 두 번째 트랜치의 전환 사채 공모를 성공적으로 마감하고 $745,000을 조달했습니다. 두 트랜치의 총 매출액은 $2,450,000에 달합니다. 각각의 $1,000 사채 유닛은 10% 연이자율을 가진 전환 사채와 2,941 개의 워런트가 포함되어 있으며, 이 워런트는 2027년 9월 10일까지 $0.30에 행사할 수 있습니다.
사채는 주당 $0.17의 가격으로 보통주로 전환이 가능하며, 만기는 36개월입니다. 회사는 자금을 허기 자산 인수, 석유 및 가스 자산 최적화, 운영 자본에 사용할 계획입니다. Wedgemount는 또한 Canaccord Genuity를 재정 고문으로 선정하고 Outside the Box Capital Inc. 및 Proactive Investors North America Inc.와 마케팅 계약을 체결하여 시장 존재감을 강화할 계획입니다.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) a réussi à clore la deuxième tranche de son offre de obligations convertibles sursouscrite, levant $745,000. Le produit brut total des deux tranches s'élève à $2,450,000. Chaque Unité d'Obligation de $1,000 comprend des obligations convertibles avec un taux d'intérêt annuel de 10% et 2,941 warrants exerçables à $0.30 jusqu'au 10 septembre 2027.
Les obligations sont convertibles en actions ordinaires à $0.17 par action et arrivent à échéance dans 36 mois. L'entreprise prévoit d'utiliser les fonds pour l'acquisition des actifs Huggy, l'optimisation des actifs pétroliers et gaziers, ainsi que pour le fonds de roulement. Wedgemount a également engagé Canaccord Genuity en tant que conseiller financier et a conclu des accords de marketing avec Outside the Box Capital Inc. et Proactive Investors North America Inc. pour améliorer sa présence sur le marché.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) hat erfolgreich die zweite Tranche seines überzeichneten Wandelschuldverschreibungsangebots abgeschlossen und $745,000 gesammelt. Die gesamten Bruttoeinnahmen aus beiden Tranchen belaufen sich auf $2,450,000. Jede $1,000 Schuldverschreibungseinheit umfasst Wandelschuldverschreibungen mit einem 10% jährlichen Zinssatz und 2,941 Warrants, die bis zum 10. September 2027 zu $0.30 ausgeübt werden können.
Die Schuldverschreibungen sind zu einem Preis von $0.17 pro Aktie in Stammaktien umwandelbar und haben eine Laufzeit von 36 Monaten. Das Unternehmen plant, die Einnahmen für die Akquisition der Huggy-Vermögenswerte, die Optimierung von Öl- und Gasvermögen sowie für das Betriebskapital zu verwenden. Wedgemount hat außerdem Canaccord Genuity als Finanzberater engagiert und Marketingvereinbarungen mit Outside the Box Capital Inc. und Proactive Investors North America Inc. getroffen, um seine Marktpräsenz zu verbessern.
- Raised $2,450,000 in total from over-subscribed convertible debenture offering
- Debentures convertible to common shares at $0.17, potentially increasing shareholder value
- Warrants exercisable at $0.30, offering additional upside potential for investors
- Proceeds to be used for Huggy assets acquisition and optimization of oil and gas assets
- Engagement of Canaccord Genuity as financial advisor, potentially improving future financial strategies
- 10% annual interest rate on convertible debentures, increasing debt servicing costs
- Potential dilution of existing shareholders upon conversion of debentures or exercise of warrants
- $120,000 spent on marketing arrangements, impacting available working capital
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2024) - Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company"), is pleased to announce that it has closed the second tranche of its non-brokered private placement of convertible debenture units (a "Debenture Unit") of the Company at a price of
Each Debenture Unit comprises
The convertible debentures bear interest at a rate of
Under the Offering, the Company paid finder's fees consisting of a total of 19 Debenture Units, equal to
The convertible debentures are unsecured obligations of the Company and are subordinated in right of payment of principal and interest to all secured debt, and to all existing and future senior indebtedness of the Company, and senior to any of the Company's future debt that is expressly subordinated to the convertible debentures.
One insider of the Company participated in the second tranche of the Offering, acquiring 5 Debenture Units. As such, the closing of the Offering may constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), but is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101 by virtue Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of any securities issued to, nor the consideration paid by such person, exceeds
The net proceeds received by the Company from the Offering have been or will be used, as applicable, for the acquisition of the Huggy assets described in the Company's July 29, 2024 news release, continued optimization of the Company's operated oil and gas assets, and for general working capital.
The securities issued under the second tranche of the Offering are subject to a statutory four month and one day hold period, which expires on January 11, 2025.
Engagement of Financial Advisor
In respect of the Offering, the Company entered into a Financial Advisory Agreement with Canaccord Genuity dated September 6, 2024. Pursuant to the Financial Advisory Agreement, the Company issued 100 Debenture Units to Canaccord.
Canaccord Genuity is an independent, global, full-service investment bank, and has significant knowledge and exposure to the natural resource sector, which will be instrumental in Wedgemount's efforts to grow a stable and self-sustaining up-stream oil and gas business.
Marketing Arrangements
Wedgemount has entered into an agreement with Outside the Box Capital Inc. to provide marketing services to the Company including but not limited to planning content creation and assisting in enhancing awareness of the Company. The engagement runs from September 3, 2024, through January 3, 2025 at a cost to the Company of
Wedgemount has also entered into an agreement with Proactive Investors North America Inc. to assist the Company in enhancing its online presence with the global investment community, as part of its strategy to increase general market awareness of the Company and its Texas based oil and gas operations. The engagement runs from August 21, 2024, to August 20, 2025 at a cost to the Company of
Both marketing arrangements will be paid from the proceeds of the Offering.
About Wedgemount Resources Corp.
Wedgemount Resources is a junior oil & gas company focused on maximizing shareholder value through the acquisition, development and exploitation of natural resource projects in the southern USA.
On behalf of the Board of Directors,
WEDGEMOUNT RESOURCES CORP.
Mark Vanry, President and CEO
For more information, please contact the Company at:
Telephone: (604) 343-4743
info@wedgemountresources.com
www.wedgemountresources.com
Reader Advisory
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct exploration or development programs, successes of the Company's exploration efforts, availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Canadian Investment Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223174
FAQ
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