By Sheri Kasprzak
Atlanta, Feb. 28 - Lucid Entertainment Inc. said it has closed a private placement for US$6 million.
The company sold a secured convertible note to a New York-based institutional investor.
The note bears interest at the Prime rate plus 200 basis points, matures in three years and is convertible into common shares at C$0.715 each.
The investor also received warrants for 8.4 million shares at C$0.593 each for two years and additional investment rights for 2,656,726 shares at US$0.01 each, exercisable for 20 years.
Lucid, based in Toronto, operates and develops entertainment hospitality venues.
| Issuer: | Lucid Entertainment Inc.
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| Issue: | Secured convertible note
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| Amount: | US$6 million
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| Maturity: | Three years
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| Coupon: | Prime rate plus 200 basis points
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| Conversion price: | C$0.715
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| Warrants: | For 8.4 million shares
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.593
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| AIRs: | For 2,656,726 shares
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| AIRs price: | US$0.01
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| AIRs expiration: | 20 years
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| Settlement date: | Feb. 28
|
| Stock price: | C$0.46 at close Feb. 28
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