Company sells three-year debentures with warrants through IBK Capital
By Devika Patel
Knoxville, Tenn., Aug. 21 - Reliance Resources Ltd. said it arranged a C$1.49 million private placement of convertible debentures. IBK Capital is the agent.
The company will sell 10% convertible debentures. The convertibles mature in three years and will be convertible into common stock at C$0.10 per share.
Investors will also receive one warrant for every C$1,000 invested. Each warrant is exercisable at C$0.10 for three years.
The strike price and conversion price are a 233.33% premium to the Aug. 20 closing price of C$0.03.
The natural resource exploration company is based in Vancouver, B.C.
| Issuer: | Reliance Resources Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$1.49 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Conversion price: | C$0.10
|
| Warrants: | One warrant pre C$1,000 invested
|
| Warrant strike price: | C$0.10
|
| Warrant expiration: | Three years
|
| Agents: | IBK Capital
|
| Pricing date: | Aug. 21
|
| Stock symbol: | Toronto: RI
|
| Stock price: | C$0.03 at close Aug. 20
|
| Market capitalization: | C$3.05 million
|
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