Investor Mazen Haddad provides 10% loan for working capital
By Toni Weeks
San Luis Obispo, Calif., Feb. 26 - Knowlton Capital Inc. arranged a C$25 million convertible loan with president and chief executive officer Mazen Haddad, according to a press release.
The loan bears interest at 10% and matures Feb. 21, 2015. It is convertible at a conversion price of C$0.05 per share into a maximum of 500,000 common shares. If the loan is converted, each share will include one warrant, which are each exercisable at C$0.05 for one year.
The conversion price and strike price are each a 66.67% premium to the closing share price of C$0.05 on Feb. 25.
Proceeds will be used for working capital.
The telecommunications company is based in Montreal.
| Issuer: | Knowlton Capital Inc.
|
| Issue: | Convertible loan
|
| Amount: | C$25 million
|
| Maturity: | Feb. 21, 2015
|
| Coupon: | 10%
|
| Conversion price: | C$0.05
|
| Warrants: | If converted, one warrant per share
|
| Investor: | Mazen Haddad
|
| Pricing date: | Feb. 26
|
| Stock symbol: | TSX: KWC.H
|
| Stock price: | C$0.03 at close Feb. 25
|
| Market capitalization: | C$800,265
|
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