By Sheri Kasprzak
Atlanta, March 22 - Victhom Human Bionics Inc. said it has completed a private placement of convertible debentures for C$18,354,400.
The debentures mature March 22, 2010, bear interest at 7% annually and are convertible into common shares at C$1.35 each, a 22.7% premium to the company's closing stock price on March 21.
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 was upsized from the initial C$18 million announced March 9.
The offering is being placed through a syndicate of underwriters led by Dundee Securities Corp. and including GMP Securities Ltd. and National Bank Financial Inc.
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.
|
| Issue: | Convertible debentures
|
| Amount: | C$18,354,400
|
| Maturity: | March 22, 2010
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | C$1.35
|
| Warrants: | For half of the shares issuable upon conversion
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$1.60
|
| Underwriters: | Dundee Securities Corp. (lead); GMP Securities Ltd.; National Bank Financial Inc.
|
| Pricing date: | March 9
|
| Settlement date: | March 22
|
| Stock price: | C$1.18 at close March 9
|
| Stock price: | C$1.08 at close March 22
|
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