By Devika Patel
Knoxville, Tenn., May 26 - Nuvolt Corp. said it priced C$1 million 18-month convertible debentures at par to yield 12% in a non-brokered private placement.
The debentures are convertible into shares at C$0.20.
Proceeds will be used to launch the production of Smartscan.
Based in Levis, Quebec, Nuvolt designs and markets equipment-monitoring systems and electrical network management for the industrial, commercial and agricultural sectors.
| Issuer: | Nuvolt Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$1 million
|
| Maturity: | 18 months
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Stock symbol: | TSX Venture: NCO
|
| Stock price: | C$0.095 at close May 25
|
| Market capitalization: | C$6.03 million
|
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