Company offers 7.5% unsecured subordinated debentures with warrants
By Devika Patel
Knoxville, Tenn., Oct. 31 - Ivrnet Inc. said it priced a non-brokered private placement of convertible debenture units to raise between C$500,000 and C$1 million.
The company will sell between 500,000 and 1 million units of a C$1.00 7.5% convertible unsecured subordinated debenture and 10 warrants at C$1.00 per unit.
The convertibles mature on Oct. 26, 2013 and will be convertible into common stock at C$0.10 per share, which is a 233.33% premium to the Oct. 30 closing price of C$0.03.
Each warrant is exercisable at C$0.10 until Oct. 26, 2014. The strike price also reflects a 233.33% premium to the Oct. 30 closing share price.
Ivrnet is a Calgary, Alta., software as a service company that develops, hosts, operates and manages intelligent software applications.
| Issuer: | Ivrnet Inc.
|
| Issue: | Units of a C$1.00 secured convertible debenture and 10 warrants
|
| Amount: | C$500,000 (minimum), C$1 million (maximum)
|
| Units: | 500,000 (minimum), 1 million (maximum)
|
| Price: | C$1.00
|
| Maturity: | Oct. 26, 2013
|
| Coupon: | 7.5%
|
| Conversion price: | C$0.10
|
| Warrants: | 10 warrants per unit
|
| Warrant expiration: | Oct. 26, 2014
|
| Warrant strike price: | C$0.10
|
| Agents: | Non-brokered
|
| Pricing date: | Oct. 31
|
| Stock symbol: | TSX Venture: IVI
|
| Stock price: | C$0.03 at close Oct. 30
|
| Market capitalization: | C$1.2 million
|
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