By Sheri Kasprzak
New York, April 4 - Titanium Group Ltd. closed a $1.45 million private placement of series A senior convertible debentures.
The 8% debentures are convertible into common shares at $0.30 each. The debentures are due in three years.
The investors also received warrants for 4,833,333 shares, exercisable at $0.50 each for five years.
Proceeds will be used for the development of the company's proprietary technology and for working capital.
First Montauk Securities Corp. was the placement agent.
Located in San Jose, Calif., Titanium Group is a biometric and security solutions provider.
| Issuer: | Titanium Group Ltd.
|
| Issue: | Series A senior convertible debentures
|
| Amount: | $1.45 million
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.30
|
| Warrants: | For 4,833,333 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Placement agent: | First Montauk Securities Corp.
|
| Settlement date: | April 3
|
| Stock symbol: | OTCBB: TTNUF
|
| Stock price: | $0.37 at close April 3
|
© 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.
