By Sheri Kasprzak
Atlanta, May 2 - OnSource Corp. said it has completed a private placement of convertible debentures for $2,208,500.
The convertible debentures were sold to 54 accredited investors.
The debentures bear interest at 6% annually, mature on Dec. 31, 2005 and are convertible into common shares at $1.00 each.
The investors received one warrant for every $2.00 in debentures purchased. The warrants are exercisable at $2.00 each for three years. The investors also received an additional warrant, exercisable at $4.00 each for three years.
In other news, OnSource said it has postponed its proposed merger of Osmotics Pharma Inc. until after Osmotics' shareholder meeting scheduled for May 10. The company had planned to close the merger on May 10.
Based in Boulder, Colo., OnSource is the parent company of Global Alaska Industries Inc., a company that provides supplies to the gaming industry.
| Issuer: | OnSource Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $2,208,500
|
| Maturity: | Dec. 31, 2005
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $1.00
|
| Warrants: | One warrant for every $2.00 in debentures purchased plus one additional warrant
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00; $4.00 for additional warrant
|
| Settlement date: | April 15
|
| Stock price: | $3.75 at close April 15
|
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