By Laura Lutz
Washington, Feb. 22 - Aqua-Pure Ventures plans to conduct a private placement for up to C$11 million.
The placement will include up to 5,333,333 units at C$0.75 each and up to C$7 million principal amount of secured convertible debentures.
Each unit will consist of one share and one half-share warrant. Each whole warrant will be exercisable at C$1.00 for two years.
The debentures will have a term of five years and one month. They will be convertible into common shares at C$0.75 per share in the first two years, at C$1.00 in the third year, at C$1.25 in the fourth year and at C$1.50 in the fifth year.
Primary Capital Inc. will act as agent for the offering.
The company also plans to issue C$3 million and C$10 million principal amounts of similar convertible debentures to the Hallmark Education Foundation and Hallmark Resources Ltd., respectively. Those debentures will replace current debt owed to the companies by Aqua-Pure.
Based in Calgary, Alta., Aqua-Pure provides industrial and municipal wastewater services.
| Issuer: | Aqua-Pure Ventures
|
| Issue: | Units of one share and one half-share warrant; secured convertible debentures
|
| Amount: | C$11 million
|
| Agent: | Primary Capital Inc.
|
| Pricing date: | Feb. 22
|
| Stock symbol: | TSX Venture: AQE
|
| Stock price: | C$0.86 at close Feb. 22
|
|
|
| Units
|
| Units: | 5,333,333
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
|
|
| Convertible debentures
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| Amount: | C$7 million
|
| Maturity: | Five years and one month
|
| Price: | Par
|
| Conversion price: | C$0.75 in the first two years; C$1.00 in the third year; C$1.25 in the fourth year; C$1.50 in the fifth year
|
| Warrants: | No
|
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