CALGARY, AB, Oct. 21, 2021 /CNW/ - As required by applicable securities laws, George Fink, Chief Executive Officer of Bonterra Energy Corp. ("Bonterra" or the "Company") announces that he acquired 19,000 units of Company ("Units") at a price of $1,000 per Unit pursuant to a private placement for a subscription price of $19 million, which was satisfied by the release and discharge of existing indebtedness of the Company to Mr. Fink in the amount of $12 million and payment in cash of $7 million (the "Private Placement").
Each Unit was comprised of one senior unsecured debenture of the Company with a face value of $1,000, which bears interest at a rate of 9% per annum and has a four year term, and 56 common share purchase warrants of the Company ("Warrants"). Each Warrant entitles Mr. Fink to purchase one common share at a price of $7.75 per share for a term of four years. As a result of the Private Placement, Mr. Fink acquired an aggregate of 1,064,000 Warrants.
Prior to completion of the Private Placement, Mr. Fink held, directly or indirectly, 4,626,712 Common Shares which represented 13.71% of the outstanding common shares or 14.17% of the outstanding common shares assuming the exercise of 180,000 stock options held by Mr. Fink. After giving effect to the Private Placement, Mr. Fink held, directly or indirectly, 4,626,712 common shares which represented 13.71% of the outstanding common shares or 16.78% of the outstanding common shares assuming the exercise of 1,064,000 Warrants and 180,000 stock options held by Mr. Fink.
The Units were acquired for investment purposes. In the future, Mr. Fink or any of his joint actors may, subject to applicable law, acquire or dispose of securities of Bonterra depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities.
A copy of the early warning report is available under Bonterra's sedar profile at www.sedar.com. For further information, please contact the following.
SOURCE George Fink
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