By Devika Patel
Knoxville, Tenn., Sept. 27 - All in West! Capital Corp. announced that it has closed a private placement of shares and 7.5% five-year series B convertible debentures, raising C$4.5 million. The deal priced on Sept. 7.
The company sold 3,152,381 shares at C$1.05 apiece, raising C$3.31 million, and C$1.19 million in debentures.
As previously reported, the unsecured debentures will be convertible at staggered prices throughout the life of the notes.
In the first year the conversion price will be C$1.20; C$1.35 in year two; C$1.50 in year three; C$1.65 in year four; and C$1.80 in year five. All in West! may force conversion at any time after the second year, provided that, for 20 days prior to the forced conversion, the volume-weighted average trading price of the company's stock is not less than 120% of the current conversion price.
The securities will have a four-month hold period.
Bieber Securities Inc. was the agent for the offering and will be paid a cash commission equal to 5.5% of the proceeds raised from the debentures and 7.5% of the proceeds raised from the shares. Bieber will also receive warrants for a number of shares equal to 5% of the number of shares sold. The one-year warrants are exercisable at C$1.05.
Based in Winnipeg, Man., All in West! is a capital pool company.
| Issuer: | All in West! Capital Corp.
|
| Issue: | Shares, five-year 7.5% series B convertible debentures
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| Amount: | C$4.5 million
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| Agent: | Bieber Securities Inc.
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| Fees: | Cash commission equal to 5.5% of the proceeds raised from the debentures and 7.5% of the proceeds raised from the shares, warrants for a number of shares equal to 5% of the number of shares sold, exercisable at C$1.05.
|
| Pricing date: | Sept. 7
|
| Stock symbol: | TSX Venture: BIP
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| Stock price: | C$1.08 at close Sept. 7
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|
|
| Shares
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| Amount: | 3,152,381
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| Price: | C$1.05
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|
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| Debentures
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| Maturity: | 2012
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| Coupon: | 7.5%
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| Conversion price: | C$1.20 in year one; C$1.35 in year two; C$1.50 in year three; C$1.65 in year four; and C$1.80 in year five
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