By Sheri Kasprzak
Atlanta, Feb. 25 - TVI Pacific Inc. said it has closed a private placement for C$1.5 million.
The company sold convertible debentures to Seajay Management Enterprises Ltd., the lead investor, and others.
The debentures mature in two years, bear interest at 12% annually and are convertible into 50,000 common shares per $5,000.
TVI may force the conversion of the debentures if a certain volume of the company's stock trades over $0.25 per share for a pre-determined period.
The investors also received warrants for 7.5 million shares at $0.105 in the first year and $0.12 each in the second year.
Based in Calgary, Alta., TVI is a gold exploration company. The proceeds will be used for exploration and development, property acquisitions and general working capital.
| Issuer: | TVI Pacific Inc.
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| Issue: | Convertible debentures
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| Amount: | C$1.5 million
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| Maturity: | Two years
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| Coupon: | 12%
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| Price: | Par
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| Yield: | 12%
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| Conversion ratio: | Into 50,000 common shares per $5,000
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| Call: | May force conversion if stock trades above $0.25 for a pre-determined period
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| Warrants: | For 7.5 million shares
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.105 in the first year; C$0.12 in the second year
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| Investors: | Seajay Management Enterprises Ltd. (lead)
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| Settlement date: | Feb. 25
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| Stock price: | C$0.145 at close Feb. 25
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