Deal sells three-year 12% convertible secured debentures to F3 Capital
By Devika Patel
Knoxville, Tenn., Aug. 13 – VendTek Systems Inc. said it plans a C$1 million non-brokered private placement of convertible secured debentures with F3 Capital Partners Ltd.
The 12% debenture is due in three years. It converts to common stock at a conversion price of C$0.10, which is a 150% premium to the Aug. 12 closing share price of C$0.04.
Proceeds will be used for general corporate purposes, including working capital.
VendTek is a software application and services company based in Port Coquitlam, B.C.
Issuer: | VendTek Systems Inc.
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Issue: | Convertible secured debenture
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Amount: | C$1 million
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Maturity: | Three years
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Coupon: | 12%
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Conversion price: | C$0.10
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Conversion premium: | 150%
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Warrants: | No
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Agent: | Non-brokered
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Investor: | F3 Capital Partners Ltd.
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Pricing date: | Aug. 13
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Stock symbol: | TSX Venture: VSI
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Stock price: | C$0.04 at close Aug. 12
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Market capitalization: | C$254,260
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