Five-year unsecured debentures were sold along with one-year warrants
By Devika Patel
Knoxville, Tenn., Aug. 15 – Lorne Park Capital Partners Inc. said it settled a C$2.31 million non-brokered private placement of 8% unsecured debentures. The deal priced for C$10 million on June 10.
Each debenture matures in five years on Aug. 15, 2019. They may be put.
Investors also will receive 250 warrants for each C$1,000 of debentures, or 577,750 warrants. Each warrant is exercisable at C$0.40 for one year. The strike price is a 42.86% premium to the June 9 closing share price of C$0.28.
The Toronto company offers investment advisory services.
| Issuer: | Lorne Park Capital Partners Inc.
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| Issue: | Unsecured debentures
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| Amount: | C$2,311,000
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| Maturity: | Aug. 15, 2019
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| Coupon: | 8%
|
| Put: | Yes
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| Warrants: | 250 warrants per C$1,000 of debentures (577,750 warrants)
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.40
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| Agents: | Non-brokered
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| Pricing date: | June 10
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| Settlement date: | Aug. 15
|
| Stock symbol: | TSX Venture: LPC
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| Stock price: | C$0.28 at close June 9
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| Market capitalization: | C$9.85 million
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