Units consist of $25,000 convertible debenture, one half-share warrant
By Devika Patel
Knoxville, Tenn., Dec. 14 – Epcylon Technologies, Inc. raised $225,000 in the first tranche of a $1 million private placement of units on Dec. 11, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company is selling 40 units of a $25,000 convertible debenture and one half-share warrant at $25,000 per unit. The debentures convert to common shares at $0.20, a 66.67% premium to the Dec. 10 closing share price of $0.12. Epcylon sold 9 units in the initial tranche.
The warrants are each exercisable at $0.30 for two years. The strike price is a 150% premium to the Dec. 10 closing share price.
The software developer is based in Toronto.
| Issuer: | Epcylon Technologies, Inc.
|
| Issue: | Units of a $25,000 convertible debenture and a half-share warrant
|
| Amount: | $1 million
|
| Units: | 40
|
| Price: | $25,000
|
| Conversion price: | $0.20
|
| Conversion premium: | 66.67%
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.30
|
| Settlement date: | Dec. 11 (for $225,000)
|
| Stock symbol: | OTCBB: PRFC
|
| Stock price: | $0.12 at close Dec. 10
|
| Market capitalization: | $21.06 million
|
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