Senior unsecured debentures convert at C$1.25, have automatic feature
By Devika Patel
Knoxville, Tenn., June 21 – Nanotech Security Corp. said it raised C$1.68 million in the second and final tranche of a C$4.18 million private placement of convertible unsecured senior debentures. The deal priced for about C$2.5 million on May 26 and was increased to C$4 million on June 9, when the company raised C$2.5 million.
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.
|
| Issue: | Convertible unsecured senior debentures
|
| Amount: | C$4.18 million
|
| Maturity: | May 31, 2018
|
| Coupon: | 12%
|
| Conversion price: | C$1.25
|
| Conversion premium: | 8.7%
|
| Call: | Yes
|
| Warrants: | No
|
| Pricing date: | May 26
|
| Upsized: | June 9
|
| Settlement date: | June 9 (for C$2.5 million), June 21 (for C$1.68 million)
|
| Stock symbol: | TSX Venture: NTS
|
| Stock price: | C$1.15 at close May 25
|
| Market capitalization: | C$61.65 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.
