By Sheri Kasprzak
Atlanta, March 10 - NHC Communications Inc. announced its plans to raise C$1 million in a private placement of convertible debentures.
The company will sell the secured debentures to three institutional investors.
The debentures bear interest at 5% annually, mature in two years and are convertible into common stock at C$0.55 each.
The investors will also receive warrants for 1,818,181 shares at C$0.69 each.
Based in Montreal, NHC distributes frames and cross-connect materials for the copper-based telecommunications market. It plans to use the proceeds for working capital and general corporate purposes.
| Issuer: | NHC Communications Inc.
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| Issue: | Secured convertible debentures
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| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 5%
|
| Price: | Par
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| Yield: | 5%
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| Conversion price: | C$0.55
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| Warrants: | For 1,818,181 shares
|
| Warrant strike price: | C$0.69
|
| Pricing date: | March 10
|
| Stock price: | C$0.66 at close March 9
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