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Surge Energy Inc 6.75% Convertible Debenture New Issue

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Surge Energy Inc. (SGY) is issuing $30M of 6.75% convertible debentures maturing Jun-30-2024. The conversion price is $2.25 a 44% premium to the current share price of $1.57

The debentures will not be redeemable at the option of the Company before June-30-2022. From Jun-30-2022 to Jun-30-2023, the Debentures may be redeemed providing the share price is 125% of the conversion price. From Jun-30-2023 to Jun-30-2024 they can be redeemed at par.

Based on reserves of 122.6M boe(p+p) the share price is estimated to be in the $3 range.

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