E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/1/2013 in the Prospect News PIPE Daily.

Rainmaker arranges C$2 million placement of 8% convertible debentures

Company plans C$5.83 million rights offering of identical debentures

By Devika Patel

Knoxville, Tenn., March 1 - Rainmaker Entertainment Inc. said it plans a C$2 million private placement of 8% unsecured convertible debentures due March 31, 2016.

The debenture converts to common stock at a conversion price of C$0.20 per share. The conversion price is a 37.5% discount to C$0.32, the Feb. 28 closing share price.

Cavan Consulting Ltd. will invest C$300,000.

The company also plans to sell C$5.83 million of the debentures in a rights offering.

Based in Vancouver, B.C., Rainmaker is an animation studio and producer of computer generated animation.

Issuer:Rainmaker Entertainment Inc.
Issue:Unsecured convertible debenture
Amount:C$2 million
Maturity:March 31, 2016
Coupon:8%
Conversion price:C$0.20
Investor:Cavan Consulting Ltd. (for C$300,000)
Warrants:No
Pricing date:March 1
Stock symbol:Toronto: RNK
Stock price:C$0.32 at close Feb. 28
Market capitalization:C$5.07 million

© 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.