Deal includes 2.08 million warrants, with strike price at 28% premium
By Susanna Moon
Chicago, April 28 - Mason Graphite Inc. said it plans to issue C$4.15 million of 12% five-year convertible debentures with Sodemex for C$3 million, the Fonds de solidarite FTQ for C$950,000 and the Fonds regional de solidarite FTQ Cote-Nord for C$200,000.
The conversion rate into common shares is C$0.845 per share, which is a 19% premium to the company's closing price on April 25.
The deal also includes 2,075,000 warrants, each exercisable at C$0.91 for 24 months. The strike price is a 28.17% premium to the company's closing price.
The graphite explorer is based in Montreal.
| Issuer: | Mason Graphite Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$4.15 million
|
| Maturity: | Five years
|
| Coupon: | 12%
|
| Conversion price: | C$0.845
|
| Warrants: | 2,075,000
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.91
|
| Investors: | Sodemex for C$3 million, Fonds de solidarite FTQ for C$950,000 and Fonds regional de solidarite FTQ Cote-Nord for C$200,000
|
| Pricing date: | April 28
|
| Stock symbol: | TSX Venture: LLG
|
| Stock price: | C$0.71 at close April 25
|
| Market capitalization: | C$49.70 million
|
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