By Devika Patel
Knoxville, Tenn., Jan. 14 - Grand Power Logistics Group Inc. said it will raise between C$4 million and C$4.5 million in a non-brokered private placement of 10% two-year debentures.
The debentures will be convertible at C$0.20 per common share.
Proceeds will be used for working capital and for covering the payout of some existing convertible debentures that will mature on Feb. 26 and March 13.
Based in Calgary, Alta., Grand Power operates principally through its Hong Kong-based subsidiary, Grand Power Express International Ltd., and provides air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution as well as other value-added services.
| Issuer: | Grand Power Logistics Group Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$4 million (minimum), C$4.5 million (maximum)
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 14
|
| Stock symbol: | TSX Venture: GPW
|
| Stock price: | C$0.15 at close Jan. 13
|
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