Debt is also accompanied by three-year warrants for 1 million shares
By Devika Patel
Knoxville, Tenn., Aug. 15 - SeaMiles Ltd. said it will conduct a C$1 million private placement of convertible debt.
The 10% debt matures in three years and converts to common stock at C$0.50 per share. The conversion price represents a 1,566.67% premium to the closing share price of C$0.03 on Aug. 12.
The investors also will receive warrants for 1 million shares, which will be exercisable at C$0.10 for three years. The strike price is a 233.33% premium to the Aug. 12 closing share price.
Proceeds will be used to pursue opportunities in the development and implementation of solutions in support of venture philanthropy, as well as to repay debt.
SeaMiles is a Toronto-based provider of cruise loyalty services.
| Issuer: | SeaMiles Ltd.
|
| Issue: | Convertible debt
|
| Amount: | C$1 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Conversion price: | C$0.50
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Aug. 15
|
| Stock symbol: | TSX Venture: SEE
|
| Stock price: | C$0.03 at close Aug. 15
|
| Market capitalization: | C$361,870
|
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