By Devika Patel
Knoxville, Tenn., June 6 - Family Memorials Inc. said it increased its offering of five-year convertible secured debentures to C$4.87 million with a C$487,000 greenshoe from C$4.35 million. The debentures priced at par to yield 10% on May 20.
The sale is being conducted by Macquarie Private Wealth Inc. on a commercially reasonable efforts basis.
The debentures will be initially convertible at C$0.19 per share. The conversion price is equal to a conversion rate of 5,263.1579 shares per C$1,000 of debentures and is a 5% discount to the May 19 closing share price, C$0.20.
The convertibles may be called after three years for a cash payment of principal, interest and a 5% premium.
Proceeds will be used for the development of new sales software "imonuments," for working capital and, if the maximum amount is raised, for potential acquisitions.
The Thunder Bay, Ont., company sells granite monuments for placement on individual cemetery lots.
| Issuer: | Family Memorials Inc.
|
| Issue: | Convertible secured debentures
|
| Amount: | C$4.87 million
|
| Greenshoe: | C$487,000
|
| Maturity: | June 15, 2016
|
| Coupon: | 10%
|
| Price: | Par of C$1,000
|
| Conversion price: | C$0.19
|
| Conversion ratio: | 5,263.1579
|
| Conversion discount: | 5%
|
| Call option: | At 105 after three years
|
| Agent: | Macquarie Private Wealth Inc.
|
| Pricing date: | May 20
|
| Upsized: | June 6
|
| Stock symbol: | Toronto: PNP
|
| Stock price: | C$0.20 at close May 20
|
| Market capitalization: | C$7.68 million
|
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