Deal sells two-year 10% debentures; 1,600 warrants per C$1,000 bought
By Devika Patel
Knoxville, Tenn., Oct. 7 - Innovative Composites International Inc. said it will raise C$1.15 million in the second and final tranche of a C$3.17 million non-brokered private placement of convertible debenture units on Oct. 18. The deal priced for between C$2 million and C$3 million on Aug. 14 and raised C$2.02 million on Sept. 5.
The 10% convertibles mature in two years.
Investors also received 1,600 warrants for every C$1,000 invested. Each warrant is exercisable at C$0.05 for two years. The strike price reflects a 25% premium to the Aug. 13 closing share price of C$0.04.
Proceeds will be used to repay debt and for general working capital purposes.
Based in Toronto, Innovative Composites makes and sells lightweight structural products utilizing fiber-reinforced thermoplastics for use in the marine, construction, automotive, military, recreational vehicles, equine and furniture industries.
Issuer: | Innovative Composites Inc.
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Issue: | Convertible debentures
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Amount: | C$3,166,875
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Maturity: | Two years
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Coupon: | 10%
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Warrants: | 1,600 warrants per C$1,000 invested
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Warrant expiration: | Two years
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Warrant strike price: | C$0.05
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Agent: | Non-brokered
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Pricing date: | Aug. 14
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Settlement dates: | Sept. 5 (for C$2,016,875), Oct. 18 (for C$1.15 million)
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Stock symbol: | TSX Venture: IC
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Stock price: | C$0.04 at close Aug. 13
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Market capitalization: | C$2.08 million
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