Artumas Group Inc. is pleased to announce the closing of its 10.5% Senior Unsecured Convertible Bond financing, at the maximum of $10 million USD.
The convertible bonds carry a coupon of 10.5% per annum, and will mature on or about 30 June 2009. The bonds are denominated in notes of USD 100,000 each. The conversion price is NOK 40 per common share of Artumas, subject to adjustment.
The Company may convert the bonds to common shares of Artumas on or after 30 June 2007, if the closing price of the common shares has exceeded NOK 80 for at least 20 trading days within a period of 30 consecutive trading days.
Net proceeds of the Offering will be used to finance capital expenditures including the ongoing drilling program of the Company's Mnazi Bay concession.
ABG Sundal Collier acted as lead manager with Fondsfinans as co-manager for the convertible bond issue.
Artumas' common shares trade on the Oslo stock exchange under the symbol AGI.
