By Devika Patel
Knoxville, Tenn., Nov. 12 - Aqua-Pure Ventures said it will take in C$7.02 million from an offering of five-year 5% secured convertible debentures. Hallmark Resources Ltd. is the investor.
The debentures are convertible into common shares at C$0.75 per share in the first year, C$1.00 in the second year and at C$1.25 in the remaining three years until maturity.
Proceeds will be used to retire the company's C$6.02 million short-term note and for general working capital.
Based in Calgary, Alta., Aqua-Pure provides industrial and municipal wastewater services.
| Issuer: | Aqua-Pure Ventures
|
| Issue: | Secured convertible debentures
|
| Amount: | C$7.02 million
|
| Maturity: | Five years
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | C$0.75 in the first year, C$1.00 in the second year, C$1.25 thereafter
|
| Warrants: | No
|
| Investor: | Hallmark Resources Ltd.
|
| Pricing date: | Nov. 12
|
| Stock symbol: | TSX Venture: AQE
|
| Stock price: | C$0.30 at close Nov. 12
|
| Market capitalization: | C$13.8 million
|
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