By Sheri Kasprzak
New York, Dec. 29 - TIR Systems Ltd. said it has concluded a C$4 million private placement of convertible debentures, bringing to C$27.2 million the proceeds raised in the deal.
Zumtobel AG funded the debentures.
The 7% debentures mature in 2011 and are convertible into common shares at C$1.30 each.
The investor also received warrants for 800,000 shares. The warrants are exercisable at $1.50 each for three years.
On Nov. 21 the company raised C$9 million, and on Oct. 28 the company raised C$14.2 million in the deal.
Proceeds will be used for commercialization and general corporate purposes.
Vancouver, B.C.-based TIR develops lighting systems using sound-based and other technologies.
| Issuer: | TIR Systems Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$4 million
|
| Maturity: | 2011
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | C$1.30
|
| Warrants: | For 800,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.50
|
| Investor: | Zumtobel AG
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| Pricing date: | Aug. 15
|
| Settlement date: | Dec. 29
|
| Stock price: | C$1.47 at close Aug. 15
|
| Stock price: | C$1.14 at close Dec. 29
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