Well here's something that I hope doesn't become a trend on the CDN exchanges.
trade15
" Rolland arranges debenture private placement
Rolland Virtual Business Systems Ltd (C:VBS)
Shares Issued 51,868,290
Last Close 2/12/2007 $0.145
Tuesday February 13 2007 - News Release
Mr. Mark Boutet reports
ROLLAND ENERGY ANNOUNCES PRIVATE PLACEMENT OF CONVERTIBLE SUBORDINATE DEBENTURES
Rolland Virtual Business Systems Ltd. is in discussions with investors to raise funds through an unbrokered private placement through the issuance of convertible debentures. Closing of the private placement is expected to occur on or about Feb. 16, 2007.
The proceeds of the offering will be used to repay a portion of the company's current short-term debt facility, with the remainder to be used for general working capital or to purchase additional property for oil and gas exploration and development. The company is in discussions with its existing lender, Primatlantis Capital, to refinance the amount that will remain outstanding under the current short-term facility after the closing.
The private placement and loan agreement with Primatlantis are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The company currently has 51,868,290 shares outstanding and, according to its bylaws, can issue an unlimited number of common shares.
© 2007 Canjex Publishing Ltd.
AI
