Offer sells two-year unsecured notes to fund working capital
By Devika Patel
Knoxville, Tenn., Feb. 19 - West Mountain Capital Corp. said it plans a C$1.5 million non-brokered private placement of 8% two-year unsecured convertible debentures.
The debentures convert to common stock at a conversion price of C$0.35 per share. The conversion price is a 25% premium to C$0.28, the Feb. 15 closing share price.
Insiders have indicated they will participate.
Proceeds will be used for general working capital.
The Calgary, Alta., company operates a fixed soil treatment facility.
| Issuer: | West Mountain Capital Corp.
|
| Issue: | Unsecured convertible debenture
|
| Amount: | C$1.5 million
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Conversion price: | C$0.35
|
| Conversion premium: | 25%
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 19
|
| Stock symbol: | TSX Venture: WMT
|
| Stock price: | C$0.28 at close Feb. 15
|
| Market capitalization: | C$10.61 million
|
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