By Laura Lutz
Des Moines, June 1 - Cygnal Technologies Corp. arranged a C$2 million private placement of a convertible note with Laurus Master Fund, Ltd.
The note matures on May 31, 2010. It will bear interest at Prime rate plus 200 basis points.
It is convertible into common shares at C$0.56 each.
The note will be secured by the assets of the company's Network Solutions business.
Laurus also received warrants for 527,362 shares, exercisable at C$0.73 per share for five years.
Proceeds will be used for general corporate purposes.
Cygnal is a network communication company based in Markham, Ont.
| Issuer: | Cygnal Technologies Corp.
|
| Issue: | Secured convertible note
|
| Amount: | C$2 million
|
| Maturity: | May 31, 2010
|
| Coupon: | Prime rate plus 200 bps
|
| Price: | Par
|
| Conversion price: | C$0.56
|
| Warrants: | For 527,362 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.73
|
| Investor: | Laurus Master Fund Ltd.
|
| Pricing date: | June 1
|
| Stock symbol: | Toronto: CYN
|
| Stock price: | C$0.56 at close June 1
|
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