Debentures due March 31, 2016 convert to common stock at C$0.20
By Devika Patel
Knoxville, Tenn., May 29 - Rainmaker Entertainment Inc. said it raised C$835,000 in the second tranche of a C$2 million private placement of 8% unsecured convertible debentures. The deal priced March 1 and raised C$425,000 on April 15.
The debenture is due March 31, 2016 and 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.
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
|
| Warrants: | No
|
| Pricing date: | March 1
|
| Settlement dates: | April 15 (for C$425,000), May 29 (for C$835,000)
|
| Stock symbol: | Toronto: RNK
|
| Stock price: | C$0.32 at close Feb. 28
|
| Market capitalization: | C$2.62 million
|
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