The Toronto Stock Exchange reports that Surge Energy Inc.'s 8.50 per cent Series 3 convertible unsecured subordinated debentures will be listed at 5:01 p.m. on Oct. 18, 2023, for trading at the open on Oct. 19, 2023. According to the TSX, the Series 3 debentures will trade under the symbol SGY.DB.B, in Canadian dollars and with Cusip No. 86880Y AC 3.

As stated in its short form prospectus dated Oct. 13, 2023, the company is issuing $48.3-million principal amount of Series 3 debentures, in the minimum principal amount of $1,000 each, in a public offering that is expected to close before the open on Oct. 19, 2023. The debentures will mature on Dec. 31, 2028, and will pay interest, at 8.50 per cent per year, semi-annually in arrears on Dec. 31 and June 30 in each year. According to the TSX, the initial interest payment of $59.15 per $1,000 principal amount will be made on June 30, 2024.

The TSX reports that the Series 3 debentures are convertible into common shares of the company, at the option of the holder, at any time before 5 p.m. Calgary time on the earlier of: (i) the last business day immediately preceding the maturity date; and (ii) the last business day immediately preceding any redemption date, at $13.25 per share. This conversion price represents a conversion rate of approximately 75.4717 shares per $1,000 principal amount of debentures. The transfer agent and registrar is Computershare Trust Company of Canada at its principal offices in Calgary and Toronto.