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