By Sheri Kasprzak
New York, Sept. 23 - InterRent International Properties Inc. said it has wrapped a private placement of subordinated convertible debentures for C$5,417,000.
The five-year debentures bear interest at 7.25% annually and are convertible into common shares after the first anniversary of closing at C$0.55 each.
The proceeds will be used for property acquisitions and general corporate purposes.
Canaccord Capital Corp. was the placement agent.
Based in Toronto, InterRent owns and operates multi-residential real estate within the Toronto metropolitan area.
| Issuer: | InterRent International Properties Inc.
|
| Issue: | Subordinated convertible debentures
|
| Amount: | C$5,417,000
|
| Maturity: | Five years
|
| Coupon: | 7.25%
|
| Price: | Par
|
| Yield: | 7.25%
|
| Conversion price: | C$0.55
|
| Warrants: | No
|
| Placement agent: | Canaccord Capital Corp.
|
| Settlement date: | Sept. 23
|
| Stock price: | C$0.46 at close Sept. 22
|
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