Company sells 10% secured notes to finance its general working capital
By Devika Patel
Knoxville, Tenn., Oct. 16 - Formation Fluid Management Inc. said it will raise up to C$2 million in a private placement of 10% secured convertible notes.
The notes, which are due in one year, are convertible into common shares at C$0.08 per share, a 20% discount to the Oct. 15 closing share price of C$0.10. The notes may be called and will be subordinated only to bank debt.
Proceeds will be used for general working capital.
The Sylvan Lake, Alta., company has developed and manufactured a processing system, the Produced Water Processing Plant, that treats produced water.
| Issuer: | Formation Fluid Management Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | C$2 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | C$0.08
|
| Call: | Yes
|
| Warrants: | No
|
| Pricing date: | Oct. 16
|
| Stock symbol: | TSX Venture: FFM
|
| Stock price: | C$0.10 at close Oct. 15
|
| Market capitalization: | C$3.89 million
|
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