Deal's proceeds will be used to market company's software products
By Devika Patel
Knoxville, Tenn., June 14 - Epic Data International Inc. said it will conduct a C$2 million non-brokered private placement of stock and secured convertible redeemable debentures.
The company will sell the common shares at C$0.20 apiece, a 122.22% premium to the June 13 closing share price of C$0.09.
The debentures are due on June 30, 2016 and are convertible into common stock at C$0.20 per share, also a 122.22% premium to the June 13 closing share price. They bear interest at a rate of Prime plus 200 basis points and may be redeemed by the company.
Insiders may participate.
Proceeds will be used to market the company's manufacturing operations management software products, for product development and general working capital purposes.
Vancouver, B.C.-based Epic is a provider of manufacturing execution systems.
| Issuer: | Epic Data International Inc.
|
| Issue: | Common shares, secured convertible redeemable debentures
|
| Amount: | C$2 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 14
|
| Stock symbol: | TSX Venture: EKD
|
| Stock price: | C$0.09 at close July 27
|
| Market capitalization: | C$2.79 million
|
|
|
| Stock
|
| Price: | C$0.20
|
|
|
| Convertibles
|
| Amount: | C$1 million
|
| Maturity: | June 30, 2016
|
| Coupon: | Prime plus 200 bps
|
| Conversion price: | C$0.20
|
| Call: | Yes
|
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