By Devika Patel
Knoxville, Tenn., Sept. 23 - Medical Intelligence Technologies Inc. said it will raise at least C$1 million by selling 15% convertible debentures in a private placement.
The debentures will mature on Nov. 15, 2009.
The debentures are convertible into units at a price of C$0.10 per unit.
Each unit will comprise one common share and one warrant, with each warrant exercisable at C$0.20 for two years.
Canaccord Capital Inc. is the agent. Insiders are expected to participate.
Proceeds will be used to meet future working capital requirements and implement the company's commercialization plan.
Based in Quebec City, Medical Intelligence Technologies provides solutions that integrate information and telecommunications technologies.
| Issuer: | Medical Intelligence Technologies Inc.
|
| Issue: | Convertible debentures, convertible into units of one common share and one warrant
|
| Amount: | C$1 million (minimum)
|
| Maturity: | Nov. 15, 2009
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | C$0.10
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Canaccord Capital Inc.
|
| Pricing date: | Sept. 23
|
| Stock symbol: | TSX Venture: MIZ
|
| Stock price: | C$0.09 at close Sept. 23
|
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