By Devika Patel
Knoxville, Tenn., Nov. 16 - Divestco Inc. said it completed the sale of C$3.75 million of 9.75% unsecured convertible debentures due Nov. 15, 2011.
Scotia Capital Inc. is the agent.
The debentures are convertible into common stock at C$0.805 per share.
Proceeds will be used for debt repayment and working capital purposes.
Based in Calgary, Alta., Divestco provides software and services to the oil and natural gas exploration industry.
| Issuer: | Divestco Inc.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | C$3.75 million
|
| Maturity: | Nov. 15, 2011
|
| Coupon: | 9.75%
|
| Price: | Par
|
| Yield: | 9.75%
|
| Conversion price: | C$0.805
|
| Warrants: | No
|
| Agent: | Scotia Capital Inc.
|
| Settlement date: | Nov. 16
|
| Stock symbol: | TSX Venture: DVT
|
| Stock price: | C$0.56 at close Nov. 16
|
| Market capitalization: | C$23.5 million
|
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