Paramount Resources (POU.TO) said Friday that it has acquired additional securities of Canadian Premium Sand (CPS.V).
Paramount said it acquired C$275,000 in principal amount of 12.0% secured convertible debentures of CPS as part of a private placement recently completed by CPS.
The 2026 convertible debentures mature on Feb. 26, 2027, with a conversion price of $0.15 per share.
Concurrently with the completion of the private placement, CPS also amended the terms of its outstanding 12.0% secured convertible debentures previously issued in February 2020 to reduce the conversion price thereof to $0.15 per share from $0.75 per share.
Paramount would hold a total of 25,780,297 common shares, representing a 25.66% stake in CPS, following the conversion of all 2020 and 2026 convertible debentures held by the company.
Prior to the transaction, Paramount held 17,946,964 common shares or a 19.38% interest in CPS.