By Devika Patel
Knoxville, Tenn., March 26 - FreshXtend Technologies Corp. said it has arranged a $1.25 million private placement of 8% secured convertible notes.
The five-year notes may be converted at any time into common shares at $0.08 per share in the first two years, $0.09 per share in the third year, $0.10 per share in the fourth year and $0.11 per share in the fifth and final year.
FreshXtend may repay the principal amount of the convertible notes, along with unpaid interest, at any time, without penalty after giving the holders 15 days' notice.
Interest is payable semiannually in cash or shares, at the holder's option.
The notes are secured by the company's shares in NatureSeal, Inc. and AgriCoat NatureSeal Ltd.
Gibsbourne Pty Ltd., an existing shareholder, will buy $650,000 of the notes.
Proceeds will be used to assist the company's contributions to NatureSeal and AgriCoat NatureSeal and for additional working capital.
Located in Vancouver, B.C., FreshXtend researches, develops, licenses and sells natural life-extension technologies for fresh produce.
| Issuer: | FreshXtend Technologies Corp.
|
| Issue: | Secured convertible notes
|
| Amount: | $1.25 million
|
| Maturity: | Five years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.08 in the first two years, $0.09 in the third year, $0.10 in the fourth year, $0.11 in the fifth year
|
| Warrants: | No
|
| Investor: | Gibsbourne Pty Ltd. (for $650,000)
|
| Pricing date: | March 26
|
| Stock symbol: | TSX Venture: FXT
|
| Stock price: | C$0.08 at close March 25
|
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