By Devika Patel
Knoxville, Tenn., Aug. 11 - RS Technologies Inc. said it will take in C$2 million through a private placement of a 12% unsecured promissory note with Marjad Inc., which is owned by the company's chairman, Wilmot Matthews.
The C$2 million note matures on Nov. 1, 2010.
Marjad also received 1 million common shares.
Proceeds will be used to fund general working capital deficiencies until RS secures permanent funds for both its near term working capital needs and its anticipated manufacturing expansion.
The Calgary, Alta., technology company develops advanced composite material products for infrastructure markets.
| Issuer: | RS Technologies Inc.
|
| Issue: | Unsecured promissory note, 1 million common shares
|
| Amount: | C$2 million
|
| Maturity: | Nov. 1, 2010
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | No
|
| Investor: | Marjad Inc.
|
| Pricing date: | Aug. 11
|
| Stock symbol: | Toronto: RS
|
| Stock price: | C$0.12 at close Aug. 10
|
| Market capitalization: | C$25.4 million
|
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