By Sheri Kasprzak
New York, Feb. 13 - Icefloe Technologies Inc. said it has pocketed another C$150,000 from its private placement of senior secured convertible debentures, bringing the proceeds raised so far to C$2,175,000.
The 10% debentures mature Jan. 24, 2009 and are convertible into common shares at C$0.60 each for the first year, C$0.65 for the second year and at C$0.70 each for the third year.
Interest payments on the debentures may be made in common shares at C$0.60 each for the first year. Interest for the remainder of the term must be made in cash.
The debentures may be redeemed at face value plus a premium of C$6,250.
The debentures will be issued in units of C$25,000 in principal each.
The first closing of the deal occurred on Jan. 20 for C$2,025,000 under the same terms.
Wingate Investment Management Ltd. was the placement agent.
Icefloe, based in Mississauga, Ont., develops flash chilling technologies.
| Issuer: | Icefloe Technologies Inc.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | C$150,000
|
| Debentures: | 6
|
| Price: | C$25,000
|
| Warrants: | No
|
| Maturity: | Jan. 24, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.60 for the first year, C$0.65 for the second year, C$0.70 for the third year
|
| Call: | May be redeemed any time before maturity at face value plus C$6,250
|
| Placement agent: | Wingate Investment Management Ltd.
|
| Settlement date: | Feb. 13
|
| Stock symbol: | TSX Venture: ICY
|
| Stock price: | C$0.315 at close Feb. 13
|
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