By Devika Patel
Knoxville, Tenn., Aug. 31 -Streetlight Intelligence Inc. announced that it plans to raise C$1 million in a private placement of two-year 7% subordinated secured convertible debentures.
The debentures will be convertible into units in C$25,000 denominations, with a conversion price of C$0.90 per unit.
The units will consist of one common share and one half share warrant. Each whole warrant will be exercisable at C$1.20 apiece for two years.
The warrants may expire sooner if at any time during their life, the average closing price of Streetlight's stock is C$1.80 or higher for 15 consecutive trading days. In that case, holders will be given 15 days' notice to convert their holdings.
Streetlight will have the option at any time to prepay any portion of the principle amount of the notes.
The securities will have a four-month hold period.
Based in Victoria, B.C., Streetlight produces technology to remotely program streetlights.
| Issuer: | Streetlight Intelligence Inc.
|
| Issue: | Subordinated secured convertible debentures
|
| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 7%
|
| Conversion price: | Into units of one share and one half-share warrant in C$25,000 denominations at C$0.90 each
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.20
|
| Pricing date: | Aug. 31
|
| Stock symbol: | TSX Venture: SLQ
|
| Stock price: | C$0.86 at close Aug. 31
|
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