By Laura Lutz
Des Moines, July 5 - Radiant Energy Corp. announced a C$1.8 million private placement of secured convertible debentures.
The 8% debentures mature on Oct. 31, 2011.
They will be convertible into common shares at C$0.185 in the first two years, at C$0.205 in the third year, at C$0.23 in the fourth year and at C$0.26 in the fifth year.
The company may repay the debentures if it raises C$5 million from the sale of new common shares.
For each C$1,000 principal amount of debentures, investors will receive a warrant for 825 common shares, exercisable for two years at C$0.185 per share.
Two insiders have subscribed for C$845,000, and the company has received verbal commitments for an additional C$600,000.
The placement is non-brokered.
Based in Port Colborne, Ont., Radiant produces an infrared pre-flight aircraft de-icing system.
| Issuer: | Radiant Energy Corp.
|
| Issue: | Secured convertible debentures
|
| Amount: | C$1.8 million
|
| Maturity: | Oct. 31, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.185 in the first two years; C$0.205 in the third year; C$0.23 in the fourth year; C$0.26 in fifth year
|
| Warrants: | For each C$1,000 principal amount of debentures, warrants for 825 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.185
|
| Agent: | Non-brokered
|
| Pricing date: | July 5
|
| Stock symbol: | TSX Venture: RDT
|
| Stock price: | C$0.19 at close July 4
|
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