By Devika Patel
Knoxville, Tenn., Aug. 29 - Radiant Energy Corp. announced that it has completed a C$1.26 million non-brokered private placement of convertible debentures.
The company sold 1,260 series F 8% secured convertible debentures. Each debenture is convertible at C$0.185 per common share in the first two years, C$0.205 in the third year, C$0.23 in the fourth year and C$0.26 in the fifth year.
Each debenture has a detachable warrant to purchase 825 common shares at C$0.185 apiece for two years.
The debentures are redeemable on demand by the holders after a four-month hold period up to the maturity date of Aug. 31, 2011. 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.
The company paid a finder's fee of 405,000 warrants to National Bank Financial. The warrants have the same terms as the detachable warrants.
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$1.26 million
|
| Maturity: | Aug. 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
|
| Settlement date: | Aug. 29
|
| Stock symbol: | TSX Venture: RDT
|
| Stock price: | C$0.19 at close July 4
|
| Stock price: | C$0.19 at close Aug. 28
|
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