By Sheri Kasprzak
Atlanta, June 16 - Environmental Sensors Inc. said it has increased the size of its previously announced private placement to C$2 million from C$1.75 million.
The two-year debentures are being sold as up to 2,000 units at C$1,000 each.
The debentures bear interest at 15% annually and are convertible into common shares at the greater of the market price of the company's stock on June 1, adjusted for potential share consolidation, or C$0.10 each. On June 1, the company's stock closed at C$0.03.
The deal was first priced on June 2 as a C$1.75 million offering of 1,750 units under the same terms.
Based in Vancouver, B.C., Environmental Sensors manufactures water-management systems used for irrigating, water quality monitoring and measuring the volumetric presence of water pumped from oil-producing wells. The proceeds will be used to retire a loan for US$275,000 and to manufacture goods to fill outstanding orders. The remainder will be used for marketing and working capital.
| Issuer: | Environmental Sensors Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$2 million (maximum)
|
| Units: | 2,000 (maximum)
|
| Price: | C$1,000
|
| Maturity: | Two years
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | The greater of C$0.03 adjusted for share consolidation or C$0.10
|
| Warrants: | No
|
| Pricing date: | June 2
|
| Upsized: | June 15
|
| Stock price: | C$0.03 at close June 2
|
| Stock price: | C$0.035 at close June 15
|
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