Brokered offering funds business development and product development
By Devika Patel
Knoxville, Tenn., July 30 – Diagnos Inc. said it raised C$1.59 million in the first tranche of a C$4 million private placement of senior secured convertible debentures. The deal priced June 30 and is being conducted on a best-efforts basis by agent Bloom Burton & Co. Ltd.
The convertible debentures mature on July 29, 2019 and accrue interest at 10%. The debenture may be converted into common shares at C$0.10 per share, which is an 11.11% premium to the June 29 closing share price of C$0.09.
Settlement of the second tranche is expected Aug. 7.
Proceeds will be used for business development and product development, as well as for general corporate and working capital purposes.
Based in Brossard, Quebec, Diagnos develops data-mining software used in the fields of health care, natural resources and entertainment.
| Issuer: | Diagnos Inc.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | C$4 million
|
| Maturity: | July 29, 2019
|
| Coupon: | 10%
|
| Conversion price: | C$0.10
|
| Warrants: | No
|
| Agent: | Bloom Burton & Co. Ltd.
|
| Pricing date: | June 30
|
| Settlement dates: | July 30 (for C$1.59 million), Aug. 7
|
| Stock symbol: | TSX Venture: ADK
|
| Stock price: | C$0.09 at close June 29
|
| Market capitalization: | C$9.55 million
|
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