/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
AB, Feb. 7, 2023 /CNW/ - Stampede
Drilling Inc. ("Stampede" or the "Company") (TSXV: SDI) announced
today it has completed the previously announced conversion of its
issued and outstanding convertible debentures (the "Debentures")
effective as of January 30, 2023 (the
"Conversion Date").
The aggregate principal balance of the Debentures of
approximately $2,512,000 was
converted for common shares of Stampede ("Common Shares") at a
price of $0.21, for an aggregate
issuance by Stampede of 11,961,895 Common Shares, when adjusted for
the non-issuance of fractional Common Shares pursuant to the terms
of the Debentures.
The aggregate accrued but unpaid interest on the Debentures,
which at the Conversion Date amounted to $19,413.70, was settled, as elected by each
Debenture holder, in cash or Common Shares issued at a price of
$0.30 per Common Share, being the
last closing price of the Common Shares prior to the date hereof in
accordance with the policies of the TSX Venture Exchange (the
"TSXV"). The Company issued 4,435 Common Shares in settlement of
approximately $1,331.51 of accrued
but unpaid interest, with the remaining $18,082.19 paid in cash.
In total, Stampede issued 11,966,330 Common Shares (representing
approximately 5.2% of Stampede's currently issued and outstanding
Common Shares) in settlement of the Debentures and the accrued but
unpaid interest thereon. As at the date hereof, no Debentures
remain issued or outstanding.
In accordance with TSXV Policy 4.3 – Shares for Debt,
Stampede has made all necessary filings with, and received final
approval from, the TSXV in respect of the issuance of Common Shares
as payment for the accrued but unpaid interest on the
Debentures.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Stampede Drilling Inc.