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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 26, 2013) - Pennant Energy Inc. (TSX VENTURE:PEN) ("Pennant" or the "Company") announces that, subject to regulatory approval, it will be conducting a non-brokered private placement of unsecured convertible debentures (each, a "Convertible Debenture") in the aggregate principal amount of up to $500,000 (the "Offering"). Each Convertible Debenture will be convertible into common shares (each, a "Share") of the Company. The Company will issue 20,000 share purchase warrants (each, a "Warrant") for each $1,000 of principal amount of each Convertible Debenture. Each Warrant will entitle the holder to purchase one Share at a price of $0.05 per Share for a period of two years. The Convertible Debentures mature eighteen (18) months from the date of the closing of the Offering (the "Maturity Date") and bear interest at the rate of 18% per annum payable on the Maturity Date. |
