By Susanna Moon
Chicago, July 18 - Madison Energy Corp. said it arranged a non-brokered private placement of up to $1 million of 9% unsecured convertible debentures and 12% unsecured convertible debentures.
The two-year convertible debentures have interest payable quarterly.
The 9% debentures bear a coupon of 9% per year and are convertible at any time at C$0.20 per share.
The 12% debentures bear a coupon of 12% per year and are convertible at any time at C$0.25 per share.
Madison is a metals exploration and development company based in Calgary, Alta.
| Issuer: | Madison Energy Corp.
|
| Issue: | 9% unsecured convertible debentures and 12% unsecured convertible debentures
|
| Amount: | Up to C$1 million
|
| Maturity: | Two years
|
| Warrants: | No
|
| Placement agent: | Non-brokered
|
| Announcement date: | July 18
|
| Stock symbol: | Canada: MDC
|
| Stock price: | C$0.16 at close on July 17
|
|
|
| 9% convertible debentures
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | C$0.20
|
|
|
| 12% convertible debentures
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | C$0.25
|
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