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FINWIRES

E&P Global to Issue $10 Million Convertible Bonds

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E&P Global (HKG:1142) agreed to issue convertible bonds with an initial principal amount of $10 million, with an option to increase the amount by up to $800,000, according to a Friday Hong Kong bourse filing.

The bonds will have an initial conversion price of HK$0.0945 per share, representing a 3.85% premium to the company's closing share price on Aug. 27.

The company plans to use about 10% of the net proceeds to strengthen its energy trading business, 20% for general working capital and the remaining 70% for business development, expansion and potential investment opportunities.

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