By Susanna Moon
Chicago, Oct. 24 – UGE International Ltd. said it sold C$500,000 of 7% secured green bonds due Oct. 23, 2023 by way of private placement.
For each C$1,000 principal amount, the company issued 100 bonus units consisting of one common share and one-half warrant resulting in the issue of 50,000 bond unit shares and 25,000 bond unit warrants. Each warrant is exercisable at a price of C$0.35 per share for 24 months.
The bonds are secured against projects of the company owned by wholly owned subsidiary UGE Project HoldCo Ltd.
Leede Jones Gable Inc. is the agent.
The deal was announced July 30.
In addition, the company also closed C$720,000 of 8% secured convertible debentures with Leede Jones as agent.
The conversion price is C$0.24 per share for three years from issue.
Proceeds of the debentures offering will be used for working capital, business development and general administrative purposes. Proceeds of the bond offering will be used to finance solar projects owned by UGE indirectly through a wholly owned subsidiary.
UGE is a solar energy company based in Toronto.
| Issuer: | UGE International Ltd.
|
| Agent: | Leede Jones Gable Inc.
|
| Pricing date: | Oct. 24
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| Stock ticker: | Canada: UGE
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| Stock price: | C$0.145 at close Oct. 23
|
|
|
| Green issue
|
| Issue: | Secured green bonds
|
| Amount: | C$500,000
|
| Maturity: | Oct. 23, 2023
|
| Coupon: | 7%
|
| Warrants: | 25,000 shares
|
| Warrant exercise price: | C$0.35
|
| Warrant expiration: | 24 months
|
| Distribution: | Private placement
|
|
|
| Convertible issue
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| Issue: | Secured convertible debentures
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| Amount: | C$720,000
|
| Coupon: | 8%
|
| Conversion price: | C$0.24 per share for three years
|
| Conversion premium: | 65.52%
|
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