By Laura Lutz
Des Moines, March 15 - ESI Environmental Sensors Inc. doubled the size of a planned private placement of convertible debentures, which is now expected to raise C$1.001 million.
The company plans to sell the 12% two-year debentures in units of C$50 each. Interest will be payable quarterly.
The debentures will be convertible into common shares at C$0.65 per share.
The placement priced as a C$500,500 offering on Jan. 26. That original amount has been fully subscribed.
Proceeds will be used for sales and marketing and for working capital.
Based in Victoria, B.C., ESI manufactures industrial and environmental technology.
| Issuer: | ESI Environmental Sensors Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$1.001 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Price: | Par of $50
|
| Yield: | 12%
|
| Conversion price: | C$0.65
|
| Pricing date: | Jan. 26
|
| Upsized: | March 15
|
| Stock symbol: | TSX Venture: ESV
|
| Stock price: | C$0.65 at close March 14
|
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