Deal's proceeds will be used to market the company's software products
By Devika Patel
Knoxville, Tenn., Aug. 15 - Epic Data International Inc. said it settled a C$2.4 million non-brokered private placement of stock and secured convertible redeemable debentures. The deal priced for C$2 million on June 14.
The company sold 3.75 million common shares at C$0.20 apiece, a 122.22% premium to the June 13 closing share price of C$0.09.
The C$1.65 million of 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.
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$2.4 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 14
|
| Settlement date: | Aug. 15
|
| Stock symbol: | TSX Venture: EKD
|
| Stock price: | C$0.09 at close July 27
|
| Market capitalization: | C$1.86 million
|
|
|
| Stock
|
| Amount: | C$750,000
|
| Shares: | 3.75 million
|
| Price: | C$0.20
|
|
|
| Convertibles
|
| Amount: | C$1.65 million
|
| Maturity: | June 30, 2016
|
| Coupon: | Prime plus 200 bps
|
| Conversion price: | C$0.20
|
| Call: | Yes
|
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