By Devika Patel
Knoxville, Tenn., April 21 - Level Vision Electronics Ltd. said it will sell a $4.7 million seven-year secured non-toxic convertible debenture to Cunningham-Adams Small Cap Fund I.
The 9% debenture is convertible into common shares at a 25% discount to market at a floor price of $0.53 per share and a ceiling price of $1.28.
Settlement is expected May 30.
The Montreal-based company is a designer and manufacturer of consumer electronics.
| Issuer: | Level Vision Electronics Ltd.
|
| Issue: | Secured non-toxic convertible debenture
|
| Amount: | $4.7 million
|
| Maturity: | Seven years
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | 25% discount ranging from $0.53 to $1.28
|
| Warrants: | No
|
| Investor: | Cunningham-Adams Small Cap Fund I
|
| Pricing date: | April 21
|
| Settlement date: | May 30
|
| Stock symbol: | Pink Sheets: LVLV
|
| Stock price: | $0.33 at close April 21
|
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