Financing is ‘ongoing’; second tranche to close within 30 days
By Susanna Moon
Chicago, Oct. 22 – Magor Corp. provided an update on its C$3 million non-brokered private placement of debenture units, which priced on Sept. 5 with the second tranche expected to close within 30 days.
“The financing is ongoing with the second tranche expected to close within 30 days,” according to an Oct. 22 press release.
Magor said on Oct. 2 that it raised C$1.53 million in the first tranche.
As previously announced, the company is selling units of a C$1,000 12% three-year subordinated secured debenture and 500 warrants. The debenture converts to common stock at C$0.30 per share and may be redeemed at 102. Each warrant is exercisable at C$0.44 for three years.
The conversion price and warrant strike price are 76.47% and 158.82% premiums, respectively, to the Sept. 4 closing share price of C$0.17.
Proceeds will be used for general working capital purposes.
Ottawa-based Magor provides visual collaboration solutions.
| Issuer: | Magor Corp.
|
| Issue: | Units of C$1,000 subordinated secured debenture and 500 warrants
|
| Amount: | C$3 million
|
| Note maturity: | Three years
|
| Note coupon: | 12%
|
| Note conversion price: | C$0.30
|
| Note conversion premium: | 31.58%
|
| Note call option: | At 102
|
| Warrants: | 500 warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.44
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 5
|
| Settlement date: | Oct. 2 (for C$1,525,000)
|
| Stock symbol: | TSX Venture: MCC
|
| Stock price: | C$0.17 at close Sept. 4
|
| Market capitalization: | C$9.31 million
|
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