Printer Friendly

COMPUTALOG LTD. SHAREHOLDERS APPROVE ISSUE OF WARRANTS

 CALGARY, Alberta, Dec. 18 /PRNewswire/ - Computalog Ltd. (Toronto: CGH) announces that shareholders have today passed a resolution approving the issuance of warrants and the amendment to the company's shareholder protection rights plan, in connection with its previously announced financing transaction with Trimac Ltd. ("Trimac") and CLOG Partners L.P., (the "Partnership"), a partnership formed by investor clients of SCF Partners L.P. Inc.
 On Nov. 16, 1992, Computalog announced an agreement with the Partnership and Trimac, under which they will jointly loan up to $12 million to Computalog. The first $6 million of drawings under the loan will bear interest at 10 percent with drawings above that at 12.5 percent. The first $6 million of drawings are repayable at the end of three years, with the remainder repayable at the end of year four. Computalog anticipates that it will drawdown $8 million under the loan facility on or about Dec. 23, 1992. Concurrently with such drawdown, the company will issue to each of the Partnership and Trimac 8,000,000 warrants entitling each of the Partnership and Trimac to purchase up to 8,000,000 common shares of Computalog at an exercise price of $0.50 per share. The warrants have a term of five years.
 Computalog Ltd. provides wireline services and designs and manufactures wireline products for the North American and international oil and gas markets.
 -0- 12/18/92
 /CONTACT: Glynn G. Davies, COO of Computalog, 403-265-6060/
 (CGH.)


CO: Computalog Ltd. ST: Alberta IN: OIL SU:

LS -- LA030 -- 8398 12/18/92 16:40 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 18, 1992
Words:258
Previous Article:McDONNELL DOUGLAS ANNOUNCES PRELIMINARY AGREEMENT WITH ISSC
Next Article:BOSTON EDISON COMPANY ANNOUNCES PILGRIM NUCLEAR POWER STATION RETURNS TO NEW ENGLAND POWER GRID
Topics:


Related Articles
COMPUTALOG LTD. - NEW FINANCING AND ISSUE OF WARRANTS
COMPUTALOG LTD. ANNOUNCES PROPOSED PRIVATE PLACEMENT AND RIGHTS ISSUE
COMPUTALOG LTD. -- PRIVATE PLACEMENT AND RIGHTS ISSUE
COMPUTALOG LTD. TO REDEEM SHAREHOLDER RIGHTS PROTECTION PLAN
Precision Drilling Corporation to make an offer to acquire Computalog Ltd.
Computalog's Shareholder Rights Plan Reconfirmed.
Computalog Sees Bid as Opportunistic, Undervalued.
Board of Directors Recommends Shareholders Reject Precision Offer.
TO BUSINESS EDITOR:.
TO BUSINESS EDITOR:.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters