Proceeds used for general corporate purposes, to support asset growth
By Devika Patel
Knoxville, Tenn., June 20 - Matrix Asset Management Inc. said it priced a C$5 million private placement of convertible debenture units.
The company will sell 5,000 units of a C$1,000 convertible debenture and 345 warrants at C$1,000 per unit.
The 7% convertible debentures mature June 30, 2016 and will be convertible, at any time, into common shares at a conversion rate of 689.66 shares per C$1,000 principal amount of debentures, which is equal to a conversion price of C$1.45 per share, which is a 21.85% premium to the June 17 closing price of C$1.19.
The debentures may be called after June 30, 2014.
Each warrant is exercisable at C$1.75 for three years. The strike price reflects a 47.06% premium to the June 17 closing share price.
The deal will be conducted by Industrial Alliance Securities Inc. and M Partners Inc. on a best-efforts basis.
Proceeds will be used for general corporate purposes and to support asset growth.
Halifax, N.S.-based Matrix provides discretionary investment management services.
| Issuer: | Matrix Asset Management Inc.
|
| Issue: | Units of a C$1,000 convertible debenture and 345 warrants
|
| Amount: | C$5 million
|
| Units: | 5,000
|
| Price: | C$1,000
|
| Maturity: | June 30, 2016
|
| Coupon: | 7%
|
| Conversion price: | C$1.45
|
| Conversion rate: | 689.66 shares per C$1,000 of debentures
|
| Call: | After June 30, 2014
|
| Warrants: | 345 warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.75
|
| Agents: | Industrial Alliance Securities Inc. and M Partners Inc.
|
| Pricing date: | June 20
|
| Stock symbol: | Toronto: MTA
|
| Stock price: | C$1.19 at close June 6
|
| Market capitalization: | C$51.86 million
|
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