By Sheri Kasprzak
Atlanta, Dec. 20 - Vigil Locating Systems Corp. said Monday it raised C$1,177,000 in a private placement of secured convertible debentures.
The debentures were issued in 1,177 units at C$1,000 each. The units include one convertible debenture of $1,000 and 250 warrants.
The debentures are convertible into 2,500 common shares per unit at C$0.40 for every C$1,000 in debentures.
The debentures bear interest at 10% for the first two years and 12% for the third.
The offering also included warrants for 294,250 shares. The warrants allow for an additional share at C$0.75 each for three years.
iForum Securities Inc. was the placement agent in the offering.
Based in Montreal, Vigil designs and commercializes vehicle location and recovery systems. The proceeds from the private placement will be used to accelerate the company's marketing efforts in Canada and to finance certain equipment and everyday operations.
| Issuer: | Vigil Locating Systems Corp.
|
| Issue: | Units of C$1,000 in secured convertible debentures and 250 warrants
|
| Amount: | C$1,177,000
|
| Maturity: | Three years
|
| Coupon: | 10% in the first two years, 12% in the third
|
| Conversion price: | C$0.40
|
| Conversion ratio: | Into 2,500 shares per unit
|
| Warrants: | 250 warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.75
|
| Placement agent: | iForum Securities Inc.
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 20
|
| Stock price: | C$0.29 at close Nov. 29
|
| Stock price: | C$0.35 at close Dec. 17
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