Company sold C$2.3 million of units with 1,000 three-year warrants
By Toni Weeks
San Luis Obispo, Calif., Sept. 4 – EmberClear Corp. issued a correction to the maturity date of the 12% unsecured debentures sold in a C$2.3 million brokered private placement that closed Sept. 4.
The debentures’ maturity date was previously announced as Feb. 6, 2015. According to Friday’s press release, the correct maturity date is Feb. 6, 2016.
As previously noted, the company sold 2,300 units at C$1,000.00 each via agent Wolverton Securities Ltd., with each unit consisting of one C$1,000.00 12% unsecured debenture and 1,000 warrants. Of the total amount raised, C$300,000 was due to the exercise in full of the greenshoe.
The company may redeem the debentures at 103.
The three-year warrants are exercisable at C$0.20, a 66.67% premium to the closing share price of C$0.12 on July 4.
Proceeds will be used for general corporate purposes.
EmberClear is a Calgary, Alta.-based clean energy technology company.
| Issuer: | EmberClear Corp.
|
| Issue: | Units of C$1,000.00 in unsecured debentures and 1,000 warrants
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| Amount: | C$2.3 million, including C$300,000 exercised greenshoe
|
| Units: | 2,300
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| Price: | C$1,000.00
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| Maturity: | Feb. 6, 2016
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| Coupon: | 12%
|
| Call: | At 103
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| Warrants: | 1,000 warrants per unit
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| Warrant expiration: | Aug. 6, 2017
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| Warrant strike price: | C$0.20
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| Agent: | Wolverton Securities Ltd.
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| Pricing date: | July 7
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| Settlement dates: | Aug. 6 (for C$2 million); Sept. 4 (for C$300,000)
|
| Stock symbol: | TSX Venture: EMB
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| Stock price: | C$0.12 at close July 4
|
| Market capitalization: | C$7.98 million
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