CALGARY, ALBERTA–(Marketwired – Dec. 21, 2015) – Vital Energy Inc. (“Vital” or the “Corporation”) (TSX VENTURE:VUX) announced today its intention to complete a non-brokered private placement offering of 8% secured convertible debentures in the principal amount of up to $2,500,000. The debentures will bear interest at the rate of eight percent (8%) per annum, calculated and paid quarterly and will mature on the date that is two years from the date of issuance. The debentures will be secured against the personal property of the Corporation and will be convertible at the holder’s option into common shares of the Corporation at a conversion price of $0.10 per common share.
The closing of the offering is expected to occur on or about December 23, 2015, and is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details on the offering, please contact the Corporation. All securities issued in connection with the offering will be subject to a hold period of four months from the date of closing. The net proceeds from the offering will be used to finance the Corporation’s oil and gas exploration and development program and for general working capital purposes.
Vital Energy Inc. is a publicly traded junior oil and gas company (“VUX” TSXV) whose primary focus is developing light and medium crude oil production in Western Canada.
