By Sheri Kasprzak
New York, Oct. 19 - Moventis Capital, Inc. wrapped a private placement of secured convertible debentures for $1.5 million.
The 10% debentures are due in three years.
The debentures were sold in units of $25,000 in principal and warrants for 12,295 common shares.
Each $25,000 in debentures is convertible into 32,493 common shares with one third convertible at $0.65 per share, one third at $0.80 per share and one third at $0.90 per share.
Half of the warrants issued are exercisable at $0.65 each and half at $0.90 each.
Proceeds will be used for the acquisition of PTL Electronics, Ltd., an electronics manufacturing services company based in the Pacific Northwest.
Based in Vancouver, B.C., Moventis is an acquisition company focused on buying and growing small- to medium-sized companies.
| Issuer: | Moventis Capital, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $1.5 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | Each $25,000 in principal in thirds at $0.65, $0.80 and $0.90
|
| Conversion ratio: | Each $25,000 into 32,493 common shares
|
| Warrants: | For 12,295 per unit of $25,000 in debentures
|
| Warrant strike price: | Half at $0.65 and half at $0.90
|
| Settlement date: | Oct. 19
|
| Stock symbol: | OTCBB: MVTS
|
| Stock price: | $0.54 at close Oct. 19
|
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