By Devika Patel
Knoxville, Tenn., Dec. 24 - TZ Ltd. said it has raised A$24 million from a private placement of five-year 10% unsecured convertibles.
The deal will consist of 24,000 convertible notes at A$1,000 apiece sold to QVT Financial LP.
The notes carry a 10% coupon which will be paid in arrears and waived upon a successful Nasdaq listing within the first year. They are convertible at A$4.00 per share only if the company gets a Nasdaq listing, or after two years, whichever occurs first.
Proceeds will be used to fund TZ's expanded business plan and to allow the company to expand its commercial and engineering teams. Proceeds also will be used to secure its Shape Memory Alloy supply, enhance its proprietary R&D expertise with high temperature materials, fund a proprietary set of ASIC electronic chips and enable the development of communication hardware and software to make the Web-enabled portion of its intelligent fastening devices commercially available.
Based in Sydney, Australia, TZ develops electronic and smart materials technologies.
| Issuer: | TZ Ltd.
|
| Issue: | Unsecured convertible notes
|
| Amount: | A$24 million
|
| Notes: | 24,000
|
| Price: | A$1,000
|
| Maturity: | Five years
|
| Coupon: | 10%
|
| Conversion price: | A$4.00
|
| Warrants: | No
|
| Investor: | QVT Financial LP
|
| Pricing date: | Dec. 24
|
| Stock symbol: | Australia: TZL
|
| Stock price: | A$4.28 at close Dec. 24
|
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