viewPrimeline Energy Holdings, Inc.

Primeline to issue 1.36mln shares to GRF as bond interest

Primeline Energy Holdings will issue 1,362,986 new ordinary shares to GRF Prime Ltd, the company said on Thursday

China-focused oil explorer to issue shares

Primeline Energy Holdings Inc (CVE:PEH) will issue 1,362,986 new ordinary shares to GRF Prime Ltd, the company said on Thursday.

The shares are payment of a portion of interest accrued on $18mln principal amount convertible bonds issued to GRF, a resources fund managed by GEMS Investment Management Ltd. of Hong Kong.

Interest is payable on the bonds quarterly at 7% per annum, of which 4.5% is payable in cash and 2.5% in shares.

The shares will be issued at a deemed price of 10.9 cents per share, the volume-weighted average TSX Venture Exchange trading price of the shares for the 10 days preceding the interest payment date of Sept. 15.

Upon completion of the issue, GRF will own 8,105,315 shares, representing approximately 4.3% of the company's 186,784,719 shares issued and outstanding.

Quick facts: Primeline Energy Holdings, Inc.

Price: 0.01 CAD

Market: TSX-V
Market Cap: $2.23 m

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