Offering is expected to fund working capital purposes and acquisitions
By Devika Patel
Knoxville, Tenn., Sept. 22 – Fronsac Real Estate Investment Trust said it will conduct a private placement of units and convertible debentures for up to C$4 million.
The company will sell units at C$0.36 per unit, a 13.89% discount to the Sept. 18 closing share price of C$0.41.
The 6% debentures will mature in five years and are convertible into units at C$0.43 per unit, a 4.88% premium to the Sept. 18 closing price.
Proceeds will be used for acquisitions and working capital purposes.
The real estate investment trust is based in Saint-Jean-Baptiste, Quebec.
| Issuer: | Fronsac Real Estate Investment Trust
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| Issue: | Units, convertible debentures
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| Amount: | C$4 million
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| Warrants: | No
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| Settlement date: | Sept. 22
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| Stock symbol: | TSX Venture: GAZ.UN
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| Stock price: | C$0.41 at close Sept. 18
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| Market capitalization: | C$14.21 million
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| Units
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| Price: | C$0.36
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| Debentures
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| Maturity: | Five years
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| Coupon: | 6%
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| Conversion price: | C$0.43
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| Conversion premium: | 4.88%
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