By Devika Patel
Knoxville, Tenn., June 24 - Lorex Technology Inc. said it will raise between C$1.6 million and C$2 million in a private placement of subordinate series A convertible debentures.
The three-year debentures will be convertible at C$0.10 per common share. They will not pay interest.
Settlement is expected on June 30.
Proceeds will be used for general working capital and to satisfy the requirement by its current lender to raise a minimum of $1 million by June 30. By raising the funds, the company will also secure a loan extension through May 2012.
Lorex is a Markham, Ont.-based company that provides businesses and consumers with video surveillance security services and sells its products through two market channels.
| Issuer: | Lorex Technology Inc.
|
| Issue: | Subordinate series A convertible debentures
|
| Amount: | C$1.6 million (minimum), C$2 million (maximum)
|
| Maturity: | Three years
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion price: | C$0.10
|
| Warrants: | No
|
| Pricing date: | June 24
|
| Settlement date: | June 30
|
| Stock symbol: | Toronto: LOX
|
| Stock price: | C$0.09 at close June 23
|
| Market capitalization: | C$2.43 million
|
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