|By Marketwired .||
|February 26, 2014 07:30 PM EST||
WEST PERTH, AUSTRALIA -- (Marketwired) -- 02/26/14 -- US-focused oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) is pleased to provide an update on its successful $6m Convertible Note Issuance.
- $6m secured, convertible note issuance
- Target now funded to execute planned 9 well 2014 drilling program at Fairway project
US-focused oil and gas producer, Target Energy Limited ("Target"), is pleased to advise that it has secured commitments from sophisticated and professional investors to raise A$6,000,000 by issuance of a secured, Convertible Note (2014 Convertible Notes). Ord Minnett acted as lead manager of the issue.
The funds raised will be used to advance the Fairway project in the West Texas Permian Basin, where a 9 well drilling program is planned. Part of the proceeds will also be used to repay the A$1.8 million 2013 Convertible Notes outstanding and also for general working capital. The 2013 Convertible Note Holders have applied for 2014 Convertible Notes to replace a third of their existing 2013 Convertible Notes.
Target's Managing Director, Laurence Roe commented on the successful raising;
"Together with operating cash flows generated from Target's producing assets, the 2014 Convertible Notes will leave us well capitalised to proceed with our planned 2014 drilling program at Fairway. We will continue to consider multiple funding options to manage Target's capital effectively as we deliver exposure to this exciting drilling program."
The issue of the 2014 Convertible Notes will take place in two tranches with Tranche 1 of $3.3m of convertible notes expected to settle on 5 March 2014. Issuance of the second tranche ($2.7m of convertible notes) is subject to shareholder approval which is to be sought at a General Meeting to take place no later than 9 April 2014. The Company will seek shareholder approval for Target's Chairman, Chris Rowe, to participate in the second tranche.
As a result of the early redemption of the 2013 Convertible Notes, 2013 Noteholders will be issued a total of 25,714,286 unlisted options exercisable at 7 cents by no later than 1 October 2014.
An Appendix 3B will follow.
Key terms of the 2014 Convertible Notes are set out below.
Unlisted convertible notes in Target Energy Limited (Convertible Notes)
A$ 6.0 million
Tranche 1: A$3.30 million (66.0 million Convertible Notes, pursuant to ASX Listing Rule 7.1 capacity)
Tranche 2: A$2.70 million (54.0 million Convertible Notes, subject to approval by way of EGM)
Maximum number of Convertible Notes
31 March 2017 (3 year term)
10.0% p.a., payable quarterly in arrears
1:1 (Each Convertible Note, if converted, will convert into one fully paid ordinary share of Target Energy (Share))
Convertible at the election of the noteholder at any time after 6 months from Tranche 1 Settlement Date.
Each conversion must be for a minimum of 200,000 Convertible Notes and in multiples of 200,000 thereafter, or the balance of the noteholder's holding if less than 200,000 Convertible Notes are held or remain.
Conversions received during a month will be processed within 5 business days of month end.
Ranking on conversion
Shares issued on conversion of the Convertible Notes will rank equally in all respects with existing Shares
The Convertible Notes will be transferable but only to sophisticated or professional investors
The Convertible Notes shall not provide for any voting rights at shareholder meetings of the Issuer
The Issuer may elect to redeem the notes early. If the Issuer redeems the notes early it must repay the Face Value, accrued interest owing on the notes and issue one Unlisted Early Redemption Option in respect of each Convertible Note redeemed, unless the noteholder elects to convert the Convertible Notes into Shares
Each Unlisted Early Redemption Option will entitle the holder to acquire one Share exercisable on or before the Maturity Date at an exercise price of 8 cents
The Notes will be secured by a charge over the Company's interest in the Fairway project.
NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr. Laurence Roe, B Sc, Managing Director of Target Energy, who is a member of the Society of Exploration Geophysicists and has over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.
Target Investor Relations (Houston)
+1 713 304 6962 cell
+1 713 654 4009 direct
+1 713 275 9800 direct
Business Development Manager (Perth)
+61 429 702 970 cell
+61 8 9476 9000 direct
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 30, 2016 02:00 PM EDT Reads: 3,058
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 30, 2016 01:30 PM EDT Reads: 1,129
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 30, 2016 12:00 PM EDT Reads: 800
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 30, 2016 12:00 PM EDT Reads: 1,494
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 30, 2016 12:00 PM EDT Reads: 4,114
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 30, 2016 11:30 AM EDT Reads: 762
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
May. 30, 2016 11:30 AM EDT Reads: 1,468
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 30, 2016 11:15 AM EDT Reads: 1,347
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 30, 2016 11:00 AM EDT Reads: 2,577
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 30, 2016 10:45 AM EDT Reads: 2,064
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
May. 30, 2016 10:00 AM EDT Reads: 2,301
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 30, 2016 09:15 AM EDT Reads: 2,388
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 30, 2016 09:15 AM EDT Reads: 2,830
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 30, 2016 09:00 AM EDT Reads: 1,451
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 30, 2016 08:00 AM EDT Reads: 2,395