Two-year debentures convert between $0.08 per unit and $0.30 per unit
By Devika Patel
Knoxville, Tenn., Nov. 24 – Hybrid Coating Technologies Inc. said it will raise $1.5 million in a private placement of 10% convertible debentures.
The convertible debentures mature in two years and may be converted into units at no less than $0.08 per unit, which is identical to the Nov. 21 closing share price, and no more than $0.30 per unit, which is a 275% premium to the Nov. 21 closing price.
Proceeds will be used for an expected upcoming joint development agreement.
The San Francisco company is focused on improving the quality and safety of foams, coatings and paint.
| Issuer: | Hybrid Coating Technologies Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $1.5 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Conversion price: | No less than $0.08 per unit and no more than $0.30 per unit
|
| Warrants: | No
|
| Pricing date: | Nov. 24
|
| Settlement date: | Nov. 16
|
| Stock symbol: | OTCBB: HCTI
|
| Stock price: | $0.08 at close Nov. 21
|
| Market capitalization: | $1.83 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
