Journey Energy (OTC) (TSE:JOY) has released an update.
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Journey Energy Inc. has announced a $38 million private placement offering via a ‘bought deal’ with Echelon Wealth Partners Inc., involving the sale of senior unsecured convertible debentures. These financial instruments are convertible into common shares at $5.00 each and come with a 10.25% interest rate, with proceeds aimed at reducing debt, funding the 2024 capital program, and for general corporate purposes. The offering, which excludes Quebec but includes certain international investors, is anticipated to close on March 20, 2024, subject to regulatory approvals.
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