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Cassels Brock Represents Rosseau Asset Management in the First Tranche of Octant Energy Corp.'s Private Placement for US$10 Million

Published: 03/07/2017

Team: Jay Goldman, Lindsay Clements, David Budd, Carla Potter, Jenna Clark

On March 7, 2017, Octant Energy Corp. (“Octant”) completed the first tranche of a private placement offering of secured convertible debenture securities for gross proceeds of US$10,000,000 with Rosseau Asset Management (“RAM”). The principal amount of the financing is convertible into common shares of Octant at a price of USD$0.075 per common share for a period of up to four years after the closing of the first tranche. The indebtedness under the financing will bear interest at a rate of 8% per annum, payable annually in arrears on the anniversary date of the initial close through the issuance of common shares and will have a maturity date of four years after the closing of the first tranche. The proceeds from the first tranche will be used by Octant to complete the acquisition of the Tanga Block, which relates to assets located in offshore Tanzania. The remaining two tranches are each in the amount of USD$4,500,000 and will be advanced to Octant to complete the acquisition of assets in Kenya.
Cassels Brock represented RAM with a team composed of Jay Goldman, Lindsay Clements (Securities), David Budd, Carla Potter and Jenna Clark (Financial Services).