By Sheri Kasprzak
Atlanta, March 18 - Environmental Management Solutions Inc. said it has closed a private placement for C$1.5 million.
The company sold a series B secured debenture to Wellington Financial LP.
The debenture matures Dec. 15, 2005 and bears interest at 12% annually.
The investor also received special warrants for 633,800 shares. The warrants are exercisable for one common share warrant, which is exercisable for one common share at C$0.71 each.
Environmental Management has already received the first C$1 million of the financing and expects to receive the remaining C$500,000 in the next few days.
The company intends to use the proceeds from the offering to meet unexpected cash requirements associated with a special meeting of its shareholders requisitioned by a group of dissident shareholders. The costs include paying the direct costs of a proxy contest and meeting stricter credit terms demanded by trade vendors.
Based in Burlington, Ont., Environmental Management is an environmental services company focused on the management, treatment, reuse and disposal of organic waste and contaminated soil.
Issuer: | Environmental Management Solutions Inc.
|
Issue: | Series B secured debenture
|
Amount: | C$1.5 million
|
Maturity: | Dec. 15, 2005
|
Coupon: | 12%
|
Price: | Par
|
Yield: | 12%
|
Warrants: | For 633,800 shares
|
Warrant strike price: | C$0.71
|
Investor: | Wellington Financial LP
|
Settlement date: | March 17
|
Stock price: | C$0.69 at close March 17
|
|
© 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.