Investor to get 100% warrant coverage as well via financing agreement
By Devika Patel
Knoxville, Tenn., Nov. 3 – MCW Energy Group Ltd. said it negotiated a $4.92 million loan.
The loan is due in five years and carries a 10% coupon.
The investor also will receive 100% warrant coverage. Each warrant is exercisable at C$0.65 for five years. The strike price is a 4.41% discount to the Nov. 2 closing share price of C$0.68.
Based in Toronto, MCW is a distributor of gasoline and diesel fuels to service stations in Southern California.
| Issuer: | MCW Energy Group Ltd.
|
| Issue: | Loan
|
| Amount: | $4,915,000
|
| Maturity: | Five years
|
| Coupon: | 10%
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.65
|
| Settlement date: | Nov. 3
|
| Stock symbol: | TSX Venture: MCW
|
| Stock price: | C$0.68 at close Nov. 2
|
| Market capitalization: | C$32.84 million
|
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