By Devika Patel
Knoxville, Tenn., Nov. 20 - Resin Systems Inc. said it will raise C$5 million in a private placement of 15% convertible debentures.
The five-year debentures will be sold in units of C$1,000 in convertible debentures and 4,000 warrants. The debentures are convertible into common shares.
The conversion price will be equal to 115% of the volume weighted average trading price of the company's common shares for the five consecutive trading days ending five trading days preceding the date that is two years from the date of closing.
They are redeemable at par.
The warrants are exercisable at C$0.18 for five years.
Proceeds will be used as working capital and for general corporate purposes.
Resin is a composite products company based in Calgary, Alta.
| Issuer: | Resin Systems Inc.
|
| Issue: | Units of C$1,000 in convertible debentures and 4,000 warrants
|
| Amount: | C$5 million
|
| Warrants: | 4,000 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.18
|
| Pricing date: | Nov. 20
|
| Stock symbol: | Toronto: RS
|
| Stock price: | C$0.14 at close Nov. 19
|
|
|
| Debentures
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| Maturity: | Five years
|
| Coupon: | 15%
|
| Price: | Par of C$1,000
|
| Yield: | 15%
|
| Conversion price: | 115% of the volume weighted average trading price of the company's common shares for the five consecutive trading days ending five trading days preceding the date that is two years from the date of closing
|
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