Senior unsecured debentures convert at C$1.25, have automatic feature
By Devika Patel
Knoxville, Tenn., June 9 – Nanotech Security Corp. said it will raise C$2.5 million in a private placement of convertible unsecured senior debentures and increased the deal to C$4 million. The deal priced for about C$2.5 million on May 26.
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$4 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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| Upsized: | June 9
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| Settlement date: | June 9 (for C$2.5 million)
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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$56.29 million
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