Deal conducted by Spartan Securities Group; loan includes warrants
By Devika Patel
Knoxville, Tenn., Feb. 17 - EMC Metals Corp. said it settled a $3 million convertible loan. Spartan Securities Group, Ltd. was the agent.
The 7% loan has a term of 18 months. Up to $2 million of the loan's principal is convertible into 10 million common shares.
The investor will also received 3 million warrants, of which each is exercisable at C$0.20 for two years. The strike price reflects a 29.03% premium to the Feb. 16 closing share price of C$0.155.
Based in Vancouver, B.C., EMC is a specialty metals and alloys company focusing on scandium, tungsten, molybdenum, vanadium and other specialty metals.
| Issuer: | EMC Metals Corp.
|
| Issue: | Convertible loan, shares
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| Amount: | $3 million
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| Maturity: | 18 months
|
| Coupon: | 7%
|
| Warrants: | For 3 million shares
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.20
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| Agent: | Spartan Securities Group, Ltd.
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| Pricing date: | Feb. 17
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| Stock symbol: | Toronto: EMC
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| Stock price: | C$0.155 at close Feb. 16
|
| Market capitalization: | C$22.6 million
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