By Devika Patel
Knoxville, Tenn., Oct. 6 - Mitec Telecom announced it will raise C$1.5 million in a private placement of 12% two-year convertible debentures.
The notes are convertible into common shares at C$0.06 per share.
Proceeds will be used to repay debt.
Based in Montreal, Mitec manufactures radio frequency products.
Issuer: | Mitec Telecom
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Issue: | Convertible debentures
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Amount: | C$1.5 million
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Maturity: | Two years
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Coupon: | 12%
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Price: | Par
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Yield: | 12%
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Conversion price: | C$0.06
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Warrants: | No
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Pricing date: | Oct. 6
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Stock symbol: | Toronto: MTM
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Stock price: | C$0.06 at close Oct. 5
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Market capitalization: | C$14.3 million
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