By Devika Patel
Knoxville, Tenn., June 12 - Raymor Industries Inc. said it sold C$1.28 million of 25% convertible debentures in a private placement. The deal priced for C$1.3 million on April 3 and the company raised C$1.25 million in an initial tranche on May 19.
The notes will mature in two years and will be convertible into units at C$0.05 per unit for 12 months and then at C$0.10 for an additional 12 months.
Each unit comprises one common share and one warrant, with each warrant exercisable at C$0.10 each for an initial period of 12 months and after that at C$0.15 each for an additional period 12 months.
Raymor may force conversion of the debentures if its shares trade on the TSX Venture Exchange for more than 20 consecutive days at C$0.20 or more during the first year and at C$0.40 or more during the second year.
Raymor is a Boisbriand, Quebec-based developer of nanomaterial production technologies.
| Issuer: | Raymor Industries Inc.
|
| Issue: | Debentures convertible into units of one common share and one warrant
|
| Amount: | C$1,278,861
|
| Maturity: | Two years
|
| Coupon: | 25%
|
| Price: | Par
|
| Yield: | 25%
|
| Conversion price: | C$0.05 per unit for 12 months, then C$0.10 for an additional 12 months
|
| Warrants: | One per unit upon conversion
|
| Warrant strike price: | C$0.10 for 12 months, than at C$0.15 for additional 12 months
|
| Warrant expiration: | 24 months
|
| Pricing date: | April 3
|
| Settlement date: | May 19 (for C$1,248,861), June 12 (for C$30,000)
|
| Stock symbol: | TSX Venture: RAR
|
| Stock price: | C$0.02 at close April 2
|
| Market capitalization: | C$1.99 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.
