Company sells 0% convertible promissory note due April 6, 2016 in deal
By Devika Patel
Knoxville, Tenn., Sept. 17 – DT Asia Investments Ltd. settled a $500,000 private placement of 0% convertible promissory notes with DeTiger Holdings Ltd. on Sept. 13, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note is due April 6, 2016 and is convertible into units of one ordinary share, one right to receive one-tenth of a share and a half-share warrant at $10.00 per unit, a 5.21% discount to the Sept. 12 closing share price of $10.55. The warrant is exercisable at $12.00, a 13.74% premium to the Sept. 12 closing price.
Proceeds will be used for working capital.
The blank check company is based in Hong Kong.
| Issuer: | DT Asia Investments Ltd.
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| Issue: | Convertible promissory notes convertible into units of one ordinary share, one right to receive one-tenth of a share and a half-share warrant
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| Amount: | $500,000
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| Maturity: | April 6, 2016
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| Coupon: | 0%
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| Conversion price: | $10.00 per unit
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| Warrants: | One half-share warrant per unit upon conversion
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| Warrant strike price: | $12.00
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| Investors: | DeTiger Holdings Ltd.
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| Settlement date: | Sept. 13
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| Stock symbol: | OTCBB: CADTU
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| Stock price: | $10.55 at close on Sept. 11
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| Market capitalization: | $32.27 million
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