By Devika Patel
Knoxville, Tenn., July 13 - Grand Power Logistics Group Inc. said it took in C$2.2 million in the first tranche of a C$3 million non-brokered private placement of 10% two-year debentures. The deal priced on June 17.
The debentures will be convertible at C$0.30 per common share.
Proceeds will be used for working capital.
Based in Calgary, Alta., Grand Power operates principally through its Hong Kong-based subsidiary, Grand Power Express International Ltd., and provides air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution as well as other value-added services.
| Issuer: | Grand Power Logistics Group Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$3 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 17
|
| Settlement date: | July 13 (for C$2,201,000)
|
| Stock symbol: | TSX Venture: GPW
|
| Stock price: | C$0.21 at close June 17
|
| Market capitalization: | C$11.2 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
