By Sheri Kasprzak
Atlanta, March 23 - iForum Financial Networks Inc. said it has raised C$1 million in a private placement of convertible debentures.
The company sold the debentures to Quorum Secured Equity Trust.
The debentures bear interest at 7% annually and mature in four years and eight months. The debentures are convertible into common shares at C$0.60 each.
Quorum will also receive warrants for 1.2 million shares at C$0.60 each for two years.
The deal is expected to close March 31.
Based in Montreal, iForum is a financial services and investment brokerage company.
| Issuer: | iForum Financial Networks Inc.
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| Issue: | Convertible debentures
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| Amount: | C$1 million
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| Maturity: | Four years and eight months
|
| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Conversion price: | C$0.60
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| Warrants: | For 1.2 million shares
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.60
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| Investors: | Quorum Secured Equity Trust
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| Announcement date: | March 22
|
| Settlement date: | March 31
|
| Stock price: | C$0.34 at close March 22
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