By Laura Lutz
Des Moines, April 3 - Omnitech Consultant Group Inc. arranged a private placement of convertible debentures for between C$1 million and C$2 million.
The 9% debentures will pay interest semi-annually and mature in five years.
At the holder's option, the debentures may be converted at the greater of C$0.10 and C$0.05 multiplied by the consolidation ratio in an upcoming share consolidation.
Echo Capital FIER Outaouais LLP was the investor.
Proceeds will be used for working capital.
Omnitech is a performance engineering company based in Quebec City.
Issuer: | Omnitech Consultant Group Inc.
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Issue: | Convertible debentures
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Amount: | C$2 million (maximum); C$1 million (minimum)
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Maturity: | Five years
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Conversion price: | Greater of C$0.10 and C$0.05 multiplied by the consolidation ratio in upcoming share consolidation
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Investor: | Echo Capital FIER Outaouais LLP
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Pricing date: | April 3
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Stock symbol: | TSX Venture: GCO
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Stock price: | C$0.05 at close April 3
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