Paramount Resources Ltd. (TSX:POU) announced a private placement of senior unsecured convertible debentures for gross proceeds of CAD 35,000,000 on January 25, 2021. The transaction included participation from James H.T. Riddell, chairman and president and chief executive officer of the company for CAD 25,000,000. The debentures will bear interest at 7.50% per annum payable monthly in arrears and will mature on January 31, 2024. The debenture are convertible by the holder into class A common shares at any time prior to the maturity date at a conversion price of CAD 6.72 per common share prior to January 31, 2022, CAD 7.33 per Common Share on or after January 31, 2022 and prior to January 31, 2023 and CAD 7.94 per common share on or after January 31, 2023. The debentures are redeemable by the company, in whole or in part, at any time prior to the maturity date, at a redemption price equal to 107.50% prior to January 31, 2022, 103.75% on or after January 31, 2022 and prior to January 31, 2023 and 101.875% on or after January 31, 2023. The debentures are direct senior unsecured obligations of the company and rank equally in right of payment with all other existing and future senior indebtedness of the company. The Debentures are effectively subordinated to all existing and future secured indebtedness of the company, including the facility.