By Sheri Kasprzak
Atlanta, March 10 - Victhom Human Bionics Inc. said it has arranged a private placement for C$18 million.
The company plans to sell C$18 million in convertible debentures. The debentures mature March 17, 2010, bear interest at 7% annually and are convertible into common shares at C$1.45 each, a 23% premium to the company's closing price March 9.
The investors will also receive warrants for 50% of the number of shares issued upon conversion. The warrants are exercisable at C$1.60 each for five years.
The offering, which is being placed through a syndicate of underwriters led by Dundee Securities Corp. and including GMP Securities Ltd. and National Bank Financial Inc., is expected to close March 17.
Based in Quebec City, Victhom develops and commercializes bionic devices aimed at people suffering from physical dysfunctions. The proceeds will be used to accelerate the development of the company's Bionic Closed Loop System platform.
| Issuer: | Victhom Human Bionics Inc.
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| Issue: | Convertible debentures
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| Amount: | C$18 million
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| Maturity: | March 17, 2010
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Conversion price: | C$1.45
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| Warrants: | For half of the shares issuable upon conversion
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| Warrant expiration: | Five years
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| Warrant strike price: | C$1.60
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| Underwriters: | Dundee Securities Corp. (lead); GMP Securities Ltd.; National Bank Financial Inc.
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| Pricing date: | March 9
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| Settlement date: | March 17
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| Stock price: | C$1.18 at close March 9
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