Two-year convertibles sold at par of A$0.10 to fund business expansion
By Devika Patel
Knoxville, Tenn., Sept. 10 - Alexium International Group Ltd. said it settled an A$1.1 million private placement of 13% convertible notes. Baker Young Stockbrokers Ltd. was the lead manager.
Alexium sold 11 million notes at A$0.10 per note.
The notes are due on Aug. 30, 2014 and are convertible into shares at the lesser of A$0.10 per share or 87.5% of the previous 30-day volume weighted average price of the stock or at the price of the shares sold in future sales.
Proceeds will allow Alexium to expand its business in the specialty chemicals markets.
Based in Perth, Western Australia, Alexium is developing and licensing its Reactive Surface Treatment technology to provide services for commercial and military customers.
| Issuer: | Alexium International Group Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$1.1 million
|
| Notes: | 11 million
|
| Price: | A$0.10
|
| Maturity: | Aug. 30, 2014
|
| Coupon: | 13%
|
| Price: | Par of A$0.10
|
| Conversion price: | The lesser of A$0.10 per share or 87.5% of the previous 30-day volume weighted average price of the stock or at the price of the shares sold in future sales
|
| Conversion premium: | 40%
|
| Warrants: | No
|
| Manager: | Baker Young Stockbrokers Ltd. (lead)
|
| Settlement date: | Sept. 10
|
| Stock symbol: | Australia: AJX
|
| Stock price: | A$0.08 at close Sept. 7
|
| Market capitalization: | A$9.51 million
|
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