By Sheri Kasprzak
Atlanta, April 25 - iForum Financial Networks Inc. has closed an upsized private placement for C$1.25 million in convertible debentures.
The debentures were sold to Quorum Secured Equity Trust. The debentures bear interest at 7% annually, mature in four years and eight months, and are convertible into common shares at C$0.60 each.
Quorum also received warrants for 1.2 million shares, exercisable at C$0.60 each for two years.
The deal was first announced March 22 as a C$1 million offering under the same terms.
Based in Montreal, iForum is a financial services and investment brokerage company.
| Issuer: | iForum Financial Networks Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$1.25 million
|
| Maturity: | Four years and eight months
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | C$0.60
|
| Warrants: | For 1.2 million shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Investor: | Quorum Secured Equity Trust
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| Announcement date: | March 22
|
| Settlement date: | April 25
|
| Stock price: | C$0.34 at close March 22
|
| Stock price: | C$0.36 at close April 25
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