By Sheri Kasprzak
Atlanta, Dec. 3 - Novamex USA Ltd. said Friday it has issued $2 million in a convertible subordinated debenture.
The debenture bears interest at 10.05% per year and is convertible into common shares at $0.40 each for five years.
The debenture matures Nov. 30, 2009.
Novamex may redeem the debenture or any unconverted portion at 110% of the face value after Nov. 30, 2006.
The first closing of the transaction is scheduled for Dec. 7.
Based in Ville Saint-Laurent, Quebec, Novamex is a biotechnology company focusing on the diagnosis of Mad Cow Disease. The company plans to use the funds from the financing to accelerate the development of its antigen-antibody test for Mad Cow Disease and to evaluate potential acquisitions.
Issuer: | Novamex USA Ltd.
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Issue: | Convertible subordinated debentures
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Amount: | $2 million
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Maturity: | Nov. 30, 2009
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Coupon: | 10.05%
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Conversion price: | $0.40
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Call: | Callable at 110% of face value after Nov. 30, 2006
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Warrants: | No
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Pricing date: | Nov. 30
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Settlement date: | Dec. 7
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Stock price: | $0.18 at close Nov. 30
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