Offering consists of at least C$5 million of 10% two-year debentures
By Devika Patel
Knoxville, Tenn., June 2 - ILI Technologies (2002) Corp. said it will conduct a private placement of convertible debentures to raise between C$5 million and C$10 million.
The two-year 10% debentures convert into common shares at C$0.30 per share in the first six months, at C$0.50 per share in the second six months and at C$0.75 per share in the second year. The conversion prices are 130.77%, 284.62% and 476.92% premiums to the closing share price of C$0.13 on June 1.
Proceeds will be used to finance the MOU project announced on April 18 and to fund the purchase of future pipe projects under consideration in Mexico.
Based in Calgary, Alta., ILI produces technologies for the oil and gas industry.
| Issuer: | ILI Technologies (2002) Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$5 million (minimum), C$10 million (maximum)
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Conversion prices: | C$0.30 per share in the first six months, at C$0.50 per share in the second six months and at C$0.75 per share in the second year
|
| Warrants: | No
|
| Pricing date: | June 2
|
| Stock symbol: | TSX Venture: ILI
|
| Stock price: | C$0.13 at close June 1
|
| Market capitalization: | C$5.84 million
|
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