By Laura Lutz
Des Moines, April 11 - Ignition Point Technologies Corp. closed a C$500,000 add-on to its previously announced private placement of units, bringing the total deal size to C$2.5 million.
In total, the company sold 2,500 units at C$1,000 per unit.
Each unit consists of C$1,000 principal amount of 15% secured debentures and 2,500 non-transferable warrants. Each warrant is exercisable at C$0.20 until March 15, 2009.
The debentures mature on March 15, 2009.
Directors and officers of Ignition Point or its subsidiary, TeraSpan Networks Inc., subscribed for a total of C$540,000 of the offering.
The offering priced on Jan. 29. The first tranche, for C$2 million, was settled on March 15.
Ignition Point is a Vancouver, B.C.-based broadband technology company.
| Issuer: | Ignition Point Technologies Corp.
|
| Issue: | Units of C$1,000 principal amount of secured debentures and 2,500 non-transferable warrants
|
| Amount: | C$2.5 million, upsized from C$2 million
|
| Units: | 2,500
|
| Unit price: | C$1,000
|
| Maturity: | March 15, 2009
|
| Coupon: | 15%
|
| Debenture price: | Par of C$1,000 per unit
|
| Yield: | 15%
|
| Warrants: | 2,500 per unit
|
| Warrant expiration: | March 15, 2009
|
| Warrant strike price: | C$0.20
|
| Pricing date: | Jan. 29
|
| Settlement date: | March 15 (for C$2 million); April 11 (for C$500,000)
|
| Stock symbol: | TSX Venture: IPN
|
| Stock price: | C$0.20 at close March 15
|
| Stock price: | C$0.21 at close April 11
|
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