By Ronda Fears
Nashville, July 27 - Unisphere Waste Conversion Ltd. announced Tuesday that it has sold C$11 million of three-year 10% convertible secured debentures in a private placement via Westwind Partners Inc.
The notes are convertible at C$0.30 for the first two years, then at C$0.33.
Unisphere shares closed Monday in Vancouver at $0.32.
Toronto-based Unisphere said proceeds will be used to complete its acquisition of Wellington Polymer Technology Inc., including the retirement of debt, make production additions, repay $1.6 million owed to Quest Capital Corp. and for working capital.
Terms of the deal are:
| Issuer: | Unisphere Waste Conversion Ltd.
|
| Issue: | Convertible secured debentures
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| Placement agent: | Westwind Partners Inc.
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| Amount: | C$11 million
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| Greenshoe: | C$4 million
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| Maturity: | 2007
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| Coupon: | 10%
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| Conversion price: | C$0.30 for 2 years, then C$0.33
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| Settlement date: | July 29
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| Distribution: | Private placement
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