8% five-year debt, 15,384,615 shares issued to Investissement Quebec
By Devika Patel
Knoxville, Tenn., May 15 – Dundee Sustainable Technologies Inc. said it negotiated a C$5 million convertible loan and placement of stock with Investissement Quebec.
The C$4 million 8% loan, which is evidenced by a secured convertible debenture, matures in five years. It is convertible into common stock at a price equal to the closing market price of the stock on the day before conversion. The debenture may be redeemed at 110 after one year.
Investissement Quebec also bought 15,384,615 shares at C$0.065, an 8.33% premium to the May 14 closing share price of C$0.06.
Investissement Quebec also may appoint one member of the company’s board of directors.
Proceeds will be used to complete and operate the company’s demonstration plant, to install a concentrator and for working capital purposes.
The Montreal company is developing technologies to treat refractory ores containing sulfides and arsenic.
| Issuer: | Dundee Sustainable Technologies Inc.
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| Issue: | Convertible loan, common shares
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| Amount: | C$5 million
|
| Warrants: | No
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| Investor: | Investissement Quebec
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| Settlement dates: | May 15
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| Stock symbol: | CNSX: DST
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| Stock price: | C$0.06 at close May 14
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|
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| Loan
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| Amount: | C$4 million
|
| Maturity: | Five years
|
| Coupon: | 8%
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| Conversion price: | The closing market price of the stock on the day before conversion
|
| Call: | At 110 after one year
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| Shares
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| Amount: | C$1 million
|
| Shares: | 15,384,615
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| Price: | C$0.065
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