12% debentures due Jan. 15, 2016 convert to common shares at C$0.35
By Devika Patel
Knoxville, Tenn., Sept. 13 - Nightingale Informatix Corp. said it raised C$2.75 million in a non-brokered private placement of series B unsecured subordinated convertible debentures.
The 12% debenture matures on Jan. 15, 2016 and converts to common stock at an initial conversion price of C$0.35, which is a 45.83% premium to C$0.24, the Sept. 12 closing share price, and also represents a 40% premium to the 30-day volume-weighted average trading price on Sept. 12. The company may redeem the debenture after one year.
Proceeds will provide additional working capital, enabling the company to capitalize on the increasing commercial opportunities in the North American Electronic Medical Records market.
Based in Markham, Ont., Nightingale develops software used by health-care providers for patient scheduling, billing, transcription, data management, claims processing and other activities.
| Issuer: | Nightingale Informatix Corp.
|
| Issue: | Series B unsecured subordinated convertible debentures
|
| Amount: | C$2.75 million
|
| Maturity: | Jan. 15, 2016
|
| Coupon: | 12%
|
| Conversion price: | C$0.35
|
| Conversion premium: | 45.83%
|
| Call: | After one year
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Sept. 13
|
| Stock symbol: | TSX Venture: NGH
|
| Stock price: | C$0.24 at close Sept. 12
|
| Market capitalization: | C$18.31 million
|
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