Debentures due Dec. 31, 2017, convert to stock at C$0.10 per share
By Devika Patel
Knoxville, Tenn., June 24 – Slyce Inc. said on Thursday that it raised C$750,000 in the first tranche of a C$1 million private placement of 10% convertible debentures.
The convertibles mature Dec. 31, 2017 and may be converted into common shares at C$0.10 per share, a 42.86% premium to the June 22 closing share price of C$0.07.
Proceeds will be used for drilling and development of oil and gas wells on the company's assets.
Slyce, based in Toronto, offers a visual product search platform.
| Issuer: | Slyce Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$1 million
|
| Maturity: | Dec. 31, 2017
|
| Coupon: | 10%
|
| Conversion price: | C$0.10
|
| Conversion premium: | 42.86%
|
| Warrants: | No
|
| Settlement date: | June 23 (for C$750,000)
|
| Stock symbol: | TSX Venture: SLC
|
| Stock price: | C$0.07 at close June 22
|
| Market capitalization: | C$9.24 million
|
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