10% three-year convertible debentures sold in non-brokered financing
By Devika Patel
Knoxville, Tenn., June 6 - Augusta Industries Inc. said it will raise C$1 million in a non-brokered private placement of 10% series B convertible senior debentures.
The convertible debentures mature in three years and will be convertible into units of one common share and a warrant at C$0.15 per unit.
The two-year warrants will be exercisable at C$0.25, which is a 316.67% premium to the June 5 closing share price of C$0.06. The debenture conversion price is a 150% premium to that price.
Proceeds will be used for general working capital.
The Oakville, Ont., company makes systems using fiber optic sensors, related monitoring instruments and software.
| Issuer: | Augusta Industries Inc.
|
| Issue: | Series B convertible senior debentures
|
| Amount: | C$1 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Conversion price: | C$0.15
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | June 6
|
| Stock symbol: | TSX Venture: AAO
|
| Stock price: | C$0.06 at close June 5
|
| Market capitalization: | C$11.1 million
|
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