The same investor also provided $2 million bridge financing on April 8
By Devika Patel
Knoxville, Tenn., Dec. 22 – Nesscap Energy Inc. said it settled a C$1 million non-brokered private placement of convertible notes with I2BF Energy Ltd.
The 10% convertibles mature on April 1, 2015 and will be convertible into common stock at C$0.10 per share, which is identical to the closing stock price on Dec. 19.
Proceeds will be used for working capital.
I2BF has also provided $2 million bridge financing, which was negotiated with I2BF on April 8 and matures on April 1, 2015. The company drew $1 million of this loan on April 4 and will draw upon it in future tranches.
To be repaid once the company raises at least $20 million in an equity financing, this loan was accompanied by 2,943,733 bonus shares at a deemed price of C$0.075 per share.
The company also said on April 8 that 2BF and Arbat Capital Group Ltd. have renewed $5.32 million of 12% convertible notes, which are due on April 1, 2015. The notes have a C$0.10 conversion price and now accrue interest at 14%.
Based in Toronto, Nesscap's products are used to replace or enhance the performance of energy and power needs for modern applications ranging from portable electronic devices to high-tech 'green' cars and are available in both cells and modules.
| Issuer: | Nesscap Energy Inc.
|
| Issue: | Convertible notes
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| Amount: | C$1 million
|
| Maturity: | April 1, 2015
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| Coupon: | 10%
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| Conversion price: | C$0.10
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| Warrants: | No
|
| Agent: | Non-brokered
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| Investor: | I2BF Energy Ltd.
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| Pricing date: | April 8
|
| Revised: | Dec. 22
|
| Stock symbol: | TSX Venture: INT
|
| Stock price: | C$0.10 at close Dec. 19
|
| Market capitalization: | C$21.27 million
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