By Devika Patel
Knoxville, Tenn., Oct. 19 - Mitec Telecom announced it has raised C$2.5 million in a private placement of 10% convertible debentures due Oct. 17, 2009.
The unsecured notes are convertible into common shares at the lower of C$0.18 and market price, subject to a C$0.12 limit.
Subscribers also received warrants to purchase an additional 13,890,000 common shares of Mitec at C$0.18 for two years.
Proceeds will be used for general working capital.
Based in Montreal, Mitec manufactures radio frequency products.
| Issuer: | Mitec Telecom
|
| Issue: | Convertible debentures
|
| Amount: | C$2.5 million
|
| Maturity: | Oct. 17, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | The lower of C$0.18 and market price
|
| Warrants: | For 13,890,000 common shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Settlement date: | Oct. 19
|
| Stock symbol: | Toronto: MTM
|
| Stock price: | C$0.155 at close Oct. 18
|
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