Company offers 12% five-year notes to fund working capital purposes
By Devika Patel
Knoxville, Tenn., Sept. 30 - Darford International Inc. said on Thursday that it plans a C$1.5 million private placement of convertible notes. Southern Interior Innovation is among the investors.
The 12% notes mature in five years. The notes convert into 14% preferred shares at C$0.20 per preferred, a 100% premium to the Sept. 28 closing share price of C$0.10.
The preferreds may be converted into common shares on the basis of one common share for each preferred.
Proceeds will be used for working capital purposes.
Based in Vernon, B.C., Darford markets and manufactures treats and food for dogs.
| Issuer: | Darford International Inc.
|
| Issue: | Convertible notes
|
| Amount: | C$1.5 million
|
| Maturity: | Five years
|
| Coupon: | 12%
|
| Conversion price: | C$0.20
|
| Conversion premium: | 100%
|
| Warrants: | No
|
| Investor: | Southern Interior Innovation
|
| Pricing date: | Sept. 29
|
| Stock symbol: | TSX Venture: WUF
|
| Stock price: | C$0.14 at close Sept. 29
|
| Market capitalization: | C$4.39 million
|
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