Oilexco Files Preliminary Prospectus for Convertible Bonds
18:12 EST Thursday, November 13, 2008
CALGARY, Nov. 13 /CNW/ - Oilexco Incorporated ("Oilexco" or the "Corporation") (TSX: OIL; LSE: OIL) today announced that it has filed a preliminary prospectus with securities regulators in certain provinces of Canada for an offering of Convertible Senior Unsecured Bonds. The principal amount, conversion price and other terms of the offering will be determined by Oilexco after marketing by the underwriter, Canaccord Capital Corporation.
The net proceeds from the offering will be used to partially repay bank indebtedness, to fund the Corporation's 2009 capital spending program and for general corporate purposes.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States unless exemptions from the registration requirements of such Act and applicable state securities laws are available.
About Oilexco
Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties, exploration and development activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco operates in the United Kingdom through its wholly owned subsidiary, Oilexco North Sea Limited, a company registered under the laws of England and Wales. Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the symbol "OIL".
18:12 EST Thursday, November 13, 2008
CALGARY, Nov. 13 /CNW/ - Oilexco Incorporated ("Oilexco" or the "Corporation") (TSX: OIL; LSE: OIL) today announced that it has filed a preliminary prospectus with securities regulators in certain provinces of Canada for an offering of Convertible Senior Unsecured Bonds. The principal amount, conversion price and other terms of the offering will be determined by Oilexco after marketing by the underwriter, Canaccord Capital Corporation.
The net proceeds from the offering will be used to partially repay bank indebtedness, to fund the Corporation's 2009 capital spending program and for general corporate purposes.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States unless exemptions from the registration requirements of such Act and applicable state securities laws are available.
About Oilexco
Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties, exploration and development activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco operates in the United Kingdom through its wholly owned subsidiary, Oilexco North Sea Limited, a company registered under the laws of England and Wales. Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the symbol "OIL".
