By Devika Patel
Knoxville, Tenn., Nov. 10 - Texada Software Inc. said it plans to sell C$1.1 million of 10% senior secured convertible debentures in a non-brokered private placement.
The debentures will be sold in units of C$1,000 in debentures and 5,000 warrants.
The debentures mature Nov. 28, 2011 and are convertible into common shares at a conversion price of C$0.10 per share until Nov. 28, 2010 and at C$0.11 per share thereafter through maturity.
Conversion may be forced in certain circumstances.
Each warrant is exercisable at C$0.10 until Nov. 28, 2010.
The company intends to use the proceeds to repay debt.
Based in Toronto, Texada provides software for equipment rental companies and other commercial customers.
| Issuer: | Texada Software Inc.
|
| Issue: | Units of C$1,000 in debentures and 5,000 warrants
|
| Amount: | C$1.1 million
|
| Units: | 110,000
|
| Price: | C$1,000
|
| Warrants: | 5,000 warrants per unit
|
| Warrant expiration: | Nov. 28, 2010
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Nov. 10
|
| Stock symbol: | TSX Venture: TXS
|
| Stock price: | C$0.10 at close Nov. 8
|
|
|
| Debentures
|
| Maturity: | Nov. 28, 2011
|
| Coupon: | 10%
|
| Price: | Par of C$1,000
|
| Yield: | 10%
|
| Conversion price: | C$0.10
|
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