By Sheri Kasprzak
Atlanta, July 1 - Kelman Technologies Inc. said it has wrapped a private placement of series C senior preferred stock for C$1 million.
The company sold 3,333,333 shares of the preferred stock at C$0.30 each to four of its officers.
The preferreds pay annual dividends at 7.25% and are convertible into common shares.
If not converted after five years, the shares may be redeemed by Kelman at face value plus interest.
Based in Calgary, Alta., Kelman provides seismic data to oil and natural gas exploration companies.
| Issuer: | Kelman Technologies Inc.
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| Issue: | Series C senior preferred stock
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| Amount: | C$1 million
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| Shares: | 3,333,333
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| Price: | C$0.30
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| Dividends: | 7.25%
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| Call: | Preferreds may be redeemed at face value if not converted in five years
|
| Warrants: | No
|
| Settlement date: | June 30
|
| Stock price: | $0.31 at close June 30
|
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