Seair solicits consents to amend, extend $6.1 million 8% convertibles

By Susanna Moon

Chicago, Sept. 24 - Seair Inc. said it began a consent solicitation for its outstanding $6.1 million of 8% convertible debentures.

The company is seeking approval to extend the maturity date of the notes to Dec. 31, 2015 from Oct. 31, subject to the company completing a private placement of at least $500,000 by Dec. 31, according to a press release.

The company also is proposing that the conversion rate be amended to a price that is 30% above the private placement price, up to a maximum of $0.35 per share.

Also, the company would have the right to force conversion of the debentures beginning July 1, 2014 if Seair shares trade at a 20-day moving average trading price that is at least 50% higher than the private placement price.

The company will hold a meeting for bondholders on Oct. 31.

Acumen Capital Finance Partners Ltd. is the dealer manager.

Seair is a Calgary, Alta.-based cleantech company.

© 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.