By Devika Patel
Knoxville, Tenn., Dec. 12 - Abode Mortgage Holdings Corp. said it will sell up to C$3 million in convertible unsecured notes in a non-brokered private placement.
The two-year notes accrue interest at 10% annually and will be convertible into common shares at C$0.20 per share.
The notes may expire sooner if the closing price of Abode's shares is C$0.40 or higher for 20 consecutive trading days.
Abode has agreed to pay a 5% cash finder's fee.
Proceeds will be used for working capital and general corporate purposes.
The deal will settle on Jan. 23.
Vancouver, B.C.-based Abode Mortgage Holdings, formerly known as Watersave Logic Corp., operates through its wholly owned subsidiary, Abode Mortgage Corp., which provides mortgage services to Canadians who are unable to find mortgage financing through traditional sources.
| Issuer: | Abode Mortgage Holdings Corp.
|
| Issue: | Convertible notes convertible into common shares
|
| Amount: | C$3 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Fees: | 5%
|
| Pricing date: | Dec. 12
|
| Settlement date: | Jan. 23
|
| Stock symbol: | TSX Venture: ABD
|
| Stock price: | C$0.165 at close Dec. 11
|
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