Loan with investor Panta III includes warrants expiring in 2015
By Devika Patel
Knoxville, Tenn., May 27 - Avcorp Industries Inc. said it arranged a C$6 million five-year secured term loan with Panta III BV.
The 10% loan is convertible into 85,714,286 common shares at C$0.07 per share, which is a 7.69% premium to the May 26 closing share price of C$0.065.
Panta will also receive 19,550,532 warrants, which are each exercisable at C$0.0713 until Jan. 1, 2015. The strike price represents a 9.69% premium to the May 26 closing share price.
Based in Vancouver, B.C., Avcorp builds major airframe structures used by aircraft companies.
| Issuer: | Avcorp Industries Inc.
|
| Issue: | Secured term loan
|
| Amount: | C$6 million
|
| Maturity: | Five years
|
| Coupon: | 10%
|
| Conversion price: | C$0.07
|
| Conversion ratio: | Into 85,714,286 common shares
|
| Warrants: | 19,550,532
|
| Warrant expiration: | Jan. 1, 2015
|
| Warrant strike price: | C$0.0713
|
| Investor: | Panta III BV
|
| Pricing date: | May 27
|
| Stock symbol: | Toronto: AVP
|
| Stock price: | C$0.065 at close May 26
|
| Market capitalization: | C$14.66 million
|
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