By Laura Lutz
Des Moines, Sept. 1 - Nexient Learning Inc. expects to raise C$5.367 million in private placements of units issued by the company and of debentures issued by subsidiary Nexient Learning Canada Inc.
Nexient has raised C$5.087 million to date, and it expects to complete closings for C$280,000 more over the next week.
After the upcoming closings, the company expects to have sold 10,239,572 units, for a total of C$2.867 million. The company also sold C$2.5 million of 9% subordinated secured debentures issued by Nexient Learning Canada Inc. along with 2,678,571 warrants of Nexient.
Nexient will have sold each unit of one share and one half-share warrant for C$0.28. Each full warrant will be exercisable at C$0.35 for five years.
When the sale of units was announced on July 27, the company planned a C$2.5 million maximum size. On Aug. 23, Nexient announced that it planned to upsize the placement of units to a maximum of C$3 million.
The debentures will mature on Nov. 8, 2007. The warrants accompanying the debentures will have an exercise price of C$0.28 and a term of five years.
VenGrowth Traditional Industries Fund Inc. and affiliated investors bought the debentures s as well as C$1 million of the units.
Directors and officers of the company bought an additional C$469,000 of the units.
The proceeds will be used to retire the company's C$3,450,000 of 9% class A unsecured convertible subordinated debentures and for working capital purposes.
Nexient is a Toronto-based corporate training and consulting company.
Units
| Issuer: | Nexient Learning Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.867 million
|
| Units: | 10,239,572
|
| Price: | C$0.28
|
| Warrants: | One half per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.35
|
| Investor: | VenGrowth Traditional Industries Fund Inc. (lead for C$1 million)
|
| Pricing date: | July 27
|
| Upsized: | Aug. 23
|
| Settlement date: | Sept. 1 (partial)
|
| Stock symbol: | Toronto: NXN
|
| Stock price: | C$0.32 at close on July 27 and Aug. 31
|
|
|
| Debentures
|
| Issuer: | Nexient Learning Inc.
|
| Issue: | Subordinated secured debentures
|
| Amount: | C$2.5 million
|
| Maturity: | Nov. 8, 2007
|
| Coupon: | 9%
|
| Warrants: | 2,678,571
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.28
|
| Investor: | VenGrowth Traditional Industries Fund Inc. (lead)
|
| Settlement date: | Sept. 1
|
| Stock symbol: | Toronto: NXN
|
| Stock price: | C$0.32 at close on July 27 and Aug. 31
|
|
|
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