Non-brokered offer will fund equipment acquisition, general purposes
By Devika Patel
Knoxville, Tenn., Nov. 16 - HSE Integrated Ltd. said it has negotiated a non-brokered private placement of secured subordinated convertible debentures.
The C$2 million of convertible debentures have a three-year term and accrue interest at 10% per year. Interest is payable quarterly in arrears. The debenture may be converted into common shares at C$0.50 per share, a 16.28% premium to the Nov. 15 closing share price of C$0.43 and a 25% premium to the 20-day volume weighted average trading price of the stock for the period ended Nov. 12.
The company may redeem the debentures under certain conditions after Jan. 15, 2012.
Settlement is expected Nov. 30.
Proceeds will be used to acquire equipment and for general corporate purposes.
Based in Calgary, Alta., HSE supplies industrial health, safety and environmental services.
| Issuer: | HSE Integrated Ltd.
|
| Issue: | Secured subordinated convertible debentures
|
| Amount: | C$2 million
|
| Maturity: | Jan. 15, 2014
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.50
|
| Conversion premium: | 25% to 20-day volume-weighted average stock price
|
| Call: | After Jan. 15, 2012
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 30
|
| Stock symbol: | TSX Venture: HSL
|
| Stock price: | C$0.43 at close Nov. 15
|
| Market capitalization: | C$15.41 million
|
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