Deal sells two-year 10% debentures; 1,600 warrants per C$1,000 bought
By Devika Patel
Knoxville, Tenn., Oct. 7 - Innovative Composites International Inc. said it will raise C$1.15 million in the second and final tranche of a C$3.17 million non-brokered private placement of convertible debenture units on Oct. 18. The deal priced for between C$2 million and C$3 million on Aug. 14 and raised C$2.02 million on Sept. 5.
The 10% convertibles mature in two years.
Investors also received 1,600 warrants for every C$1,000 invested. Each warrant is exercisable at C$0.05 for two years. The strike price reflects a 25% premium to the Aug. 13 closing share price of C$0.04.
Proceeds will be used to repay debt and for general working capital purposes.
Based in Toronto, Innovative Composites makes and sells lightweight structural products utilizing fiber-reinforced thermoplastics for use in the marine, construction, automotive, military, recreational vehicles, equine and furniture industries.
| Issuer: | Innovative Composites Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$3,166,875
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Warrants: | 1,600 warrants per C$1,000 invested
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.05
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 14
|
| Settlement dates: | Sept. 5 (for C$2,016,875), Oct. 18 (for C$1.15 million)
|
| Stock symbol: | TSX Venture: IC
|
| Stock price: | C$0.04 at close Aug. 13
|
| Market capitalization: | C$2.08 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
