Deal sells 10% unsecured convertible debentures with two-year warrants
By Devika Patel
Knoxville, Tenn., April 16 - Hybrid Paytech World Inc. said on Tuesday that it raised C$1.5 million in the initial tranche of a C$4 million non-brokered private placement of convertible debentures. The deal priced on April 7.
The company is selling 10% unsecured convertible debentures with 75% warrant coverage.
The convertibles mature on Sept. 30, 2016 and will be convertible into common stock at C$1.00 per share, which is a 156.41% premium to the April 7 closing price of C$0.39.
Each warrant is exercisable at C$1.45 for two years. The strike price is a 271.8% premium to the April 4 closing share price.
Proceeds will be used to support project deployments and for working capital requirements.
The mobile payment technology company is based in Montreal.
| Issuer: | Hybrid Paytech World Inc.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | C$4 million
|
| Maturity: | Sept. 30, 2016
|
| Coupon: | 10%
|
| Conversion price: | C$1.00
|
| Warrants: | 75% coverage
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.45
|
| Agents: | Non-brokered
|
| Pricing date: | April 7
|
| Settlement date: | April 15 (for C$1.5 million)
|
| Stock symbol: | CNSX: HPT
|
| Stock price: | C$0.39 at close April 7
|
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