By Devika Patel
Knoxville, Tenn., Oct. 29 - Mitec Telecom announced that it took in C$2 million in an oversubscribed private placement of 12% two-year convertible debentures. The deal priced for C$1.5 million on Oct. 6.
The notes are convertible into common shares at C$0.06 per share.
Proceeds were used to repay debt and for working capital purposes.
Based in Montreal, Mitec manufactures radio frequency products.
| Issuer: | Mitec Telecom
|
| Issue: | Convertible debentures
|
| Amount: | C$2 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | C$0.06
|
| Warrants: | No
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 29
|
| Stock symbol: | Toronto: MTM
|
| Stock price: | C$0.06 at close Oct. 5
|
| Market capitalization: | C$12.1 million
|
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