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NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2012) - Cabo Drilling Corp. (the "Company") (TSX VENTURE:CBE) ("Cabo Drilling" or the "Company") announced today that it has closed a private placement of $1,994,666.67 (the "Principal Amount") of secured subordinate debentures of the Company (the "Debentures"). The Debentures were sold at a price of approximately $882 per $1,000 of the Principal Amount of each Debenture raising aggregate proceeds of $1,760,000. The Principal Amount of the Debentures includes 13.33% interest on such proceeds. The Debentures shall mature on the date that is one year from the date of issue (the "Maturity Date"). The Company has the ability to redeem the Debentures, in whole or in part, at a price equal to the Principal Amount at any time. In addition, an aggregate of 1,513,978 common shares were issued to the subscribers, on a pro rata basis, as bonus shares. |
