By Sheri Kasprzak
Atlanta, May 31 - Mavrix Fund Management Inc. said it has closed a significantly downsized private placement for C$3.05 million.
The company sold convertible unsecured subordinated debentures due June 30, 2010.
The deal had been announced May 5 as a C$10 million offering. None of the initial terms have been changed.
The debentures bear interest at 8% annually and are convertible into common shares at C$3.50 each.
McFarlane Gordon Inc. is the placement agent.
Based in Toronto, Mavrix is an asset-management company. It plans to use the proceeds to repay debt and for general corporate purposes.
| Issuer: | Mavrix Fund Management Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$3.05 million
|
| Maturity: | June 30, 2010
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$3.50
|
| Warrants: | No
|
| Placement agent: | McFarlane Gordon Inc.
|
| Pricing date: | May 5
|
| Settlement date: | May 31
|
| Stock price: | C$2.57 at close May 5
|
| Stock price: | C$2.52 at close May 31
|
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