By Sheri Kasprzak
New York, June 9 - Diversified Industries Ltd. wrapped two private placements for total proceeds of C$1.3 million.
The company sold C$700,000 in convertible debentures.
The 7% debentures mature in three years and are convertible into common shares at C$0.35 each.
The debentures were issued in units of C$1,000 each and for each C$1,000 in debentures, the investors received warrants for 700 shares. The company issued warrants for a total of 490,000 shares.
Each of the warrants is exercisable at C$0.40 through June 9, 2008.
In the second offering, the company sold 2 million units at C$0.30 each for proceeds of C$600,000.
Each unit consists of one share and one warrant. The warrants are exercisable at C$0.35 each through June 9, 2007.
Both offerings were non-brokered.
Located in Vancouver, B.C., Diversified develops technologies, including a hydrogen sulphide scavenger product, used by the oil and natural gas industry.
Convertibles
| Issuer: | Diversified Industries Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$700,000
|
| Maturity: | Three years
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $0.35
|
| Warrants: | For 490,000 shares
|
| Warrant expiration: | June 9, 2008
|
| Warrant strike price: | C$0.40
|
| Placement agent: | Non-brokered
|
| Settlement date: | June 9
|
| Stock symbol: | TSX Venture: DVS
|
| Stock price: | C$0.25 at close June 9
|
|
|
| Units
|
| Issuer: | Diversified Industries Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$600,000
|
| Units: | 2 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | June 9, 2007
|
| Warrant strike price: | C$0.35
|
| Placement agent: | Non-brokered
|
| Settlement date: | June 9
|
| Stock symbol: | TSX Venture: DVS
|
| Stock price: | C$0.25 at close June 9
|
|
|
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