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viewPrimeline Energy Holdings, Inc.

Primeline Energy to issue 644,505 shares to GRF Prime

Primeline Energy Holdings Inc. will issue 644,505 new ordinary shares of Primeline to GRF Prime Ltd., the company said on Wednesday

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Primeline Energy to issue 644,505 shares

Primeline Energy Holdings Inc. (CVE:PEH) will issue 644,505 new ordinary shares of Primeline to GRF Prime Ltd., the company said on Wednesday.

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 23.5 cents per share, yesterday's closing TSX Venture Exchange price.

Upon completion of the issue, GRF will own 10,923,945 shares, representing approximately 5.8% of the company's 189,265,244 shares issued and outstanding.

Quick facts: Primeline Energy Holdings, Inc.

Price: 0.01 CAD

TSX-V:PEH
Market: TSX-V
Market Cap: $2.23 m
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