By Sheri Kasprzak
New York, July 18 - First Capital Group Ltd. has undertaken a private placement of unsecured convertible notes for A$5 million.
The 20% notes are due in two years and will be offered to sophisticated and professional investors.
The notes are convertible into common shares at A$0.75 each for a maximum of 6,666,667 shares issuable upon conversion.
First Capital may redeem the notes at par plus interest.
Proceeds will be used for future acquisitions.
Based in Sydney, Australia, First Capital finances development projects.
| Issuer: | First Capital Group Ltd.
|
| Issue: | Unsecured convertible notes
|
| Amount: | A$5 million
|
| Maturity: | Two years
|
| Coupon: | 20%
|
| Price: | Par
|
| Yield: | 20%
|
| Conversion price: | A$0.75
|
| Conversion ratio: | Into 6,666,667 common shares
|
| Warrants: | No
|
| Pricing date: | July 18
|
| Stock symbol: | Australia: FIC
|
| Stock price: | A$0.63 at close July 18
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