Deal sells two-year debentures with 1,600 warrants per C$1,000 bought
By Devika Patel
Knoxville, Tenn., Aug. 14 - Innovative Composites International Inc. said it will conduct a non-brokered private placement of convertible debenture units that is expected to raise between C$2 million and C$3 million.
The 10% convertibles mature in two years.
Investors also will receive 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.
Settlement is expected on Aug. 22.
Proceeds will be used to repay debt and for general working capital purposes.
The company also announced that it has applied to transfer its common stock listing from the TSX Venture Exchange, where the shares currently trade, to the Canadian National Stock Exchange.
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$2 million (minimum), C$3 million (maximum)
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Warrants: | 1,600 warrants per C$1,000 invested
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.05
|
| Agents: | Non-brokered
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 22
|
| Stock symbol: | TSX Venture: IC
|
| Stock price: | C$0.04 at close Aug. 13
|
| Market capitalization: | C$2.91 million
|
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