By Devika Patel
Knoxville, Tenn., March 30 - Ivernia Inc. said it will sell $5 million in secured convertible notes in a private placement with OppenheimerFunds, Inc. The company said it may sell another $5 million in notes if there is investor interest.
The 8% notes mature April 27, 2013 and have a conversion price of $0.11 per share.
They will not be redeemable prior to maturity.
Ivernia is a Toronto-based base metals mining and exploration company.
| Issuer: | Invernia Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $5 million
|
| Maturity: | April 27, 2013
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.11
|
| Warrants: | No
|
| Investor: | OppenheimerFunds, Inc.
|
| Pricing date: | March 30
|
| Stock symbol: | Pink Sheets: IVWFF
|
| Stock price: | $0.13 at close March 27
|
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