Senior unsecured debentures convert at C$1.25, have automatic feature
By Devika Patel
Knoxville, Tenn., May 26 – Nanotech Security Corp. said it will raise about C$2.5 million in a private placement of convertible unsecured senior debentures.
The 12% debentures are due May 31, 2018, and convert into common shares at a conversion price of C$1.25 per share. The conversion price represents an 8.7% premium to the closing share price of C$1.15 on May 25. There is an automatic conversion feature.
Proceeds will be used for working capital and a large recently announced order.
The Vancouver, B.C., company makes and sells security and surveillance products.
Issuer: | Nanotech Security Corp.
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Issue: | Convertible unsecured senior debentures
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Amount: | C$2.5 million
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Maturity: | May 31, 2018
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Coupon: | 12%
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Conversion price: | C$1.25
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Conversion premium: | 8.7%
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Call: | Yes
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Warrants: | No
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Pricing date: | May 26
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Stock symbol: | TSX Venture: NTS
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Stock price: | C$1.15 at close May 25
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Market capitalization: | C$61.93 million
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