Offering sells five-year unsecured debentures with two-year warrants
By Devika Patel
Knoxville, Tenn., March 18 – Intrinsic4D Inc. said it raised C$913,000 in the first tranche of 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 for the deal, which priced on Dec. 18 and was revised on Feb. 26.
The 10.5% convertibles, priced at par of C$1,000, mature in five years and convert to common stock at C$0.40 per share, which is a 37.93% 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$0.80 for 20 consecutive trading days.
Investors will receive 200 warrants for every C$1,000 invested. Each warrant is exercisable at C$0.40 for two years. The strike price is a 37.93% premium to the Dec. 17 closing share price.
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.
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| Issue: | Convertible secured debentures
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| Amount: | C$5 million
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| Maturity: | Five years
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| Agents: | Portfolio Strategies Securities Inc. and P.S. Securities (U.S.A.) Inc.
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| Coupon: | 10.5%
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| Price: | Par of C$1,000
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| Conversion premium: | 37.93%
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| Conversion price: | C$0.40
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| Warrants: | 200 per C$1,000
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.40
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| Pricing date: | Dec. 18
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| Revised: | Feb. 26
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| Settlement date: | March 18 (for C$913,000)
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| Stock symbol: | TSX Venture: IFD
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| Stock price: | C$0.29 at close Dec. 17
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| Market capitalization: | C$2.87 million
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