By Devika Patel
Knoxville, Tenn., July 10 - H2O Innovation (2000) Inc. said it completed a C$1.5 million private placement of convertible unsecured debentures. The debentures were sold to Sipar Inc.
The three-year notes will carry a coupon of 10%. They are convertible into common shares at a conversion price of C$0.95 during the first two years and at C$1.045 during the third year.
H2O may force conversion at the applicable conversion price after two years if its share trade higher than C$1.25 for more than 20 days.
Proceeds will be used as working capital.
H2O is a drinking water production and processing company based in Quebec City.
| Issuer: | H2O Innovation (2000) Inc.
|
| Issue: | Convertible unsecured debentures
|
| Amount: | C$1.5 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.95 in the first two years, C$1.045 thereafter
|
| Warrants: | No
|
| Investor: | Sipar Inc.
|
| Settlement date: | July 10
|
| Stock symbol: | TSX Venture: HEO
|
| Stock price: | C$0.93 at close July 10
|
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