20 Oct 2004capital raising announcement● NeutralMajor
On October 20, 2004 Gasco closed a private placement of $65 million of 5.50% Convertible Senior Notes due 2011, convertible at $4.00 per share, with net proceeds of $62,075,000. About $10.3 million went to U.S. government securities pledged to cover the first six interest payments, and the $2.5M debentures converted into 4,166,665 shares as planned. This is Gasco's first significant debt and brings potential dilution, though the filing states the notes carry no financial covenants.