Date closed: 5/3/2016

Value: C$90 million

On May 3, 2016, Kelt announced that it closed a previously announced convertible debenture financing by way of a short form prospectus on a bought deal basis by completing the sale of C$75.0 million principal amount of 5.00% convertible subordinated unsecured debentures at a price of C$1,000 per Debenture. 

Kelt also announced the completion of its previously announced private placement offering to certain directors, officers and employees of the Company, along with certain other subscribers, on a non-brokered basis, of an additional C$15.0 million principal amount of Debentures at a price of $1,000 per Debenture. The Debentures issued in connection with the Private Placement are subject to a statutory hold period of four months plus one day from the date of completion of the Private Placement, in accordance with applicable securities legislation.

Kelt Exploration Ltd., headquartered in Calgary, Alberta, is a Canada-based oil and gas company.

BLG represented Kelt with a team led by William Guinan that included Louise Lee, Lloyd McLellan, Ravi Latour and Scott Robson (Securities), Lindsay Holmes and Richard Eisenbraun (Tax).