New York, Oct. 4 - Intrinsync Software International, Inc. said it completed a C$8 million secured debenture financing with Wellington Financial Fund II.
The bonds mature Oct. 3, 2007, subject to a one-year extension if the company meets financial targets, and pay interest at 12.5%.
Intrinsync also issued 3,870,968 special warrants that are exercisable for no payment for one common share purchase warrant. Each common share warrant is for one share at a price of C$0.62 per share up to Oct. 3, 2010.
The Vancouver, B.C., mobile software company said it will use proceeds to fund the development of its Windows CE-based mobile phone operating system and for working capital.
Genuity Capital Markets acted as financing agent.
| Issuer: | Intrinsync Software International, Inc.
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| Issue: | Secured debentures
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| Amount: | C$8 million
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| Maturity: | Oct. 3, 2007
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| Coupon: | 12.5%
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| Warrants: | For 3,870,968 shares
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| Warrant strike price: | C$0.62
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| Warrant term: | Oct. 3, 2010
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| Investor: | Wellington Financial Fund II
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| Announcement date: | Oct. 4
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| Stock price: | C$0.76 at close Oct. 4
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