Non-brokered, best-efforts deal to be completed in multiple tranches
By Devika Patel
Knoxville, Tenn., March 14 - QSolar Ltd. said it raised C$823,000 in the first tranche of a C$3 million non-brokered private placement of convertible debentures. The best-efforts deal priced on Feb. 28 and will be completed in multiple tranches.
The 10% debentures mature in two years and are convertible into common shares at a fixed price of C$0.50 per share. The conversion price represents a 150% premium to the Feb. 27 closing share price of C$0.20.
The debentures will be callable in whole or in part after one year.
Proceeds will be used to commence manufacturing on current purchase order backlog, for future inventory purchases and for general corporate purposes.
QSolar develops solar-related processes and technologies. The company is based in Calgary, Alta.
| Issuer: | QSolar Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$3 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Conversion price: | C$0.50
|
| Call option: | After one year
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 14 (for C$823,000)
|
| Stock symbol: | CNSX: QSL
|
| Stock price: | C$0.20 at close Feb. 27
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
