18-month promissory notes sold with warrants to finance business plan
By Devika Patel
Knoxville, Tenn., June 22 – EQ Inc. said it will raise C$1.5 million in a private placement of 8% non-convertible secured promissory notes.
Each note matures in 18 months.
Investors also will receive seven warrants for each C$1.00 invested, or 1,047,900 warrants. Each warrant is exercisable at C$0.08 for 18 months. The strike price is a 100% premium to the June 21 closing share price of C$0.04.
Investors include chairman and director Vernon Lobo, president, chief executive officer and director Geoffrey Rotstein and chief technology officer Dilshan Kathriarachchi.
Proceeds will be used to execute the company’s business plan and for working capital requirements.
The digital advertising company is based in Toronto.
| Issuer: | EQ Inc.
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| Issue: | Secured promissory notes
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| Amount: | C$1.5 million
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| Maturity: | 18 months
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| Coupon: | 8%
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| Warrants: | Seven warrants per C$1.00 invested
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.08
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| Investors: | Vernon Lobo, Geoffrey Rotstein and Dilshan Kathriarachchi
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| Pricing date: | June 22
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| Stock symbol: | Toronto: EQ
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| Stock price: | C$0.04 at close June 21
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| Market capitalization: | C$555,000
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