By Devika Patel
Knoxville, Tenn., March 23 - Archangel Diamond Corp. announced it will raise up to C$6 million in a non-brokered private placement of five-year unsecured convertible notes with Cencan Societe Anonyme and Firebird Global Master Fund Ltd.
The notes bear interest at Libor plus 7.5%.
They are convertible at any time into common shares at C$0.065 per share.
The investors also will receive one warrant for every C$0.065 invested. They are exercisable for five years at C$0.10.
Settlement is expected April 10.
Proceeds will enable the company to meet its normal running costs and to continue with its current activities.
Based in Toronto, Archangel is a diamond exploration company.
| Issuer: | Archangel Diamond Corp.
|
| Issue: | Unsecured convertible notes
|
| Amount: | C$6 million
|
| Maturity: | Five years
|
| Coupon: | Libor plus 7.5%
|
| Price: | Par
|
| Yield: | Libor plus 7.5%
|
| Conversion price: | C$0.065
|
| Warrants: | One warrant per C$0.065 in notes
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Investors: | Cencan Societe Anonyme and Firebird Global Master Fund Ltd.
|
| Pricing date: | March 20
|
| Settlement date: | April 10
|
| Stock symbol: | TSX Venture: AAD
|
| Stock price: | C$0.10 at close March 20
|
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