By Angela McDaniels
Tacoma, Wash., May 26 - Valcent Products Inc. has completed the remaining $1.5 million of its $2 million 10% convertible note private placement, according to a company news release.
The first $500,000 of the financing was announced May 15.
The notes were sold to a single investor and will convert automatically into 16 million post-consolidation units after the company completes its planned 1-for-18 reverse stock split.
Each unit comprises one common share and one-third of a warrant. Each whole warrant is exercisable at $0.45 per share for one year following the date of conversion.
The company said the proceeds will allow it to move forward with the commercial rollout of its VertiCrop technology.
Valcent Products develops consumer and industrial products and processes and is focused on the sustainable, renewable and intense growth of agricultural products. It is based in Vancouver, B.C.
| Issuer: | Valcent Products Inc.
|
| Issue: | Convertible notes
|
| Amount: | $2 million
|
| Coupon: | 10%
|
| Price: | Par
|
| Conversion: | Automatically into 16 million units following reverse stock split
|
| Warrants: | One-third of a warrant per unit
|
| Warrant expiration: | One year following conversion
|
| Warrant strike price: | $0.45
|
| Announcement date: | May 15
|
| Settlement date: | May 26
|
| Stock symbol: | OTCBB: VCTPF
|
| Stock price: | $0.06 at close May 22
|
© 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.
