TERRACE ENERGY CORP. ("TZR.DB")
BULLETIN TYPE: New Listing-Debentures
BULLETIN DATE: October 17, 2014
TSX Venture Tier 2 Company
New Listing-Debentures
Effective at the opening, Monday, October 20, 2014, the debentures (the ?Debentures?) of the Company will commence trading on TSX Venture Exchange. The Company is classified as an ?Oil and Gas Services? company.
Corporate Jurisdiction: British Columbia
Capitalization: $38,640,000 Debentures with no par value of which are
$38,590,000 issued and outstanding
Transfer Agent: Computershare Trust Company of Canada
Trading Symbol: TZR.DB
CUSIP Number: 88103MAA0
Details of the Debentures:
Maturity Date: April 2, 2018
Redemption: At the option of the holder, the Debentures may be converted into common shares at any time up until 8 business days preceding the Maturity Date. The Debentures may be redeemed for cash in whole or in part at the option of the Company in accordance with the terms of the trust indenture. The Debentures also have an equity redemption feature pursuant to which the Company has the option to redeem all or part of the Debentures in exchange for the issuance of common shares at the conversion price of $2.00, if the closing price of the Company?s shares exceeds 140% of the conversion price for 30 consecutive trading days. The Company must provide not less than 30 days written notice prior to exercising its option to redeem the Debentures for the issuance of common shares.
Interest: The Debentures will bear interest on a quarterly basis at the rate of 8% per annum, payable quarterly in arrears on the last days of January, April, July and October in each fiscal year. The first interest payment occurs October 31, 2014 in respect of the period July 31, 2014 to, but excluding, October 31, 2014. Interest will be computed on the basis of a 365 day year.
Subordination: Not applicable.
Conversion: Each Debenture is convertible into common shares of the company at $2.00 at any time prior to the Maturity Date, such that approximately 500 common shares will be issued for each $1,000 principal amount of Debentures converted.
Interest Start Date: July 31, 2014
First Interest Payment: October 31, 2014 (for interest accrued July 31, 2014 to, but excluding, October 31, 2014)
Clearing and Settlement: The Debentures will clear and settle through CDS.
Board Lot: The Debentures are in denomination of $1,000 and will trade in a board lot size of $1,000 face value.
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