By Devika Patel
Knoxville, Tenn., April 21 - Eloda Corp. announced it has settled a $1.53 million tranche of a private placement of convertible debentures.
The three-year debentures bear interest at 12% per year, payable in units priced at the weighted average of the daily averages of the highest and lowest market price of the company's shares for their last 20 active trading days before interest is calculated.
The debentures are convertible into units at any time at C$0.25 per unit in the first two years and at C$0.275 per unit thereafter.
Each unit will consist of one common share.
Proceeds will be used to fund marketing efforts in the United States, fund research and development efforts, repay outstanding promissory notes and support working capital requirements.
Montreal-based Eloda provides measurement and validation tools for the advertising industry.
| Issuer: | Eloda Corp.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | C$1,525,000
|
| Maturity: | Three years
|
| Coupon: | 12%, payable in units of one common share
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | C$0.25 for first two years; C$0.275 thereafter
|
| Warrants: | No
|
| Settlement date: | April 21 (for C$1,525,000)
|
| Stock symbol: | TSX Venture: ELA
|
| Stock price: | C$0.10 at close April 18
|
© 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.
