Bassett Financial purchases common shares at C$0.01 per share in deal
By Devika Patel
Knoxville, Tenn., Aug. 25 – Innovative Composites International Inc. said it will conduct a C$1 million private placement of stock with Bassett Financial Corp.
The company will sell common shares at C$0.01 per share, which is identical to the Aug. 22 closing share price. Bassett will also receive 48 million shares at a deemed price of C$0.01 per share, which will vest over the achievement of four milestones.
Proceeds will be used to assist with the restructuring of the company to build a more stable financial platform and to reduce trade payables and fund new inventory.
The company has also arranged a C$500,000 six-month bridge loan with the investor.
Based in Toronto, Innovative Composites makes and sells lightweight structural products using fiber-reinforced thermoplastics for use in the marine, construction, automotive, military, recreational vehicles, equine and furniture industries.
| Issuer: | Innovative Composites International Inc.
|
| Issue: | Common shares, 48 million common shares
|
| Amount: | C$1 million
|
| Price: | C$0.01
|
| Warrants: | No
|
| Investor: | Bassett Financial Corp.
|
| Pricing date: | Aug. 25
|
| Stock symbol: | CNSX: IC
|
| Stock price: | C$0.01 at close Aug. 22
|
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