Best-efforts, brokered offering sells three-year unsecured debentures
By Devika Patel
Knoxville, Tenn., Dec. 18 – Intrinsic4D Inc. said it will conduct a C$5 million best-efforts private placement of convertible secured debentures. Portfolio Strategies Securities Inc. and P.S. Securities (U.S.A.) Inc. are the agents.
The 10.5% convertibles, priced at par of C$1,000, mature in three years and convert to common stock at C$0.50 per share, which is a 72.41% premium to the Dec. 17 closing share price of C$0.29. The notes will automatically convert if the stock trades at a volume-weighted average price of at least C$0.75 for 20 consecutive trading days.
Investors will receive 200 warrants for every C$1,000 invested. Each warrant is exercisable at C$0.35 for one year. The strike price is a 20.69% premium to the Dec. 17 closing share price.
Settlement is expected Feb. 15.
Proceeds will be used for working capital and general corporate purposes.
The Toronto company has developed a software-as-a-service medical platform servicing the medical-legal industry.
| Issuer: | Intrinsic4D Inc.
|
| Issue: | Convertible secured debentures
|
| Amount: | C$5 million
|
| Maturity: | Three years
|
| Price: | Par of C$1,000
|
| Coupon: | 10.5%
|
| Conversion price: | C$0.50
|
| Conversion premium: | 72.41%
|
| Warrants: | No
|
| Agents: | Portfolio Strategies Securities Inc. and P.S. Securities (U.S.A.) Inc.
|
| Pricing date: | Dec. 18
|
| Settlement date: | Feb. 15
|
| Stock symbol: | TSX Venture: IFD
|
| Stock price: | C$0.29 at close Dec. 17
|
| Market capitalization: | C$2.87 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.
