By Sheri Kasprzak
Atlanta, Feb. 17 - Wood Composite Technologies Inc. said it closed a private placement for C$2.6 million.
The company sold 10.4 million shares of series A convertible preferred stock at C$0.25 each.
The preferreds are convertible into common shares at the lesser of C$0.25 each or the lowest trading price while the series A shares are outstanding.
J.F. Mackie & Co. Ltd. was the placement agent in the deal.
Also, the company announced that some of its insiders are converting existing debt into a total of 3,088,054 series A shares.
In other news, the company said one of its directors, Daniel Wilson, has resigned.
Based in Edmonton, Alta., Wood Composite designs technologies that mix wood fibers with poly vinyl chloride. The company plans to use the proceeds from the private placement to expand the marketing efforts of its subsidiary, Millennium Decking Inc. The remainder will be used for general working capital.
| Issuer: | Wood Composite Technologies Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | C$2.6 million
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| Shares: | 10.4 million
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| Price: | C$0.25
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| Conversion price: | The lesser of C$0.25 or the lowest bid price while the preferreds are outstanding
|
| Warrants: | No
|
| Placement agent: | J.F. Mackie & Co. Ltd.
|
| Settlement date: | Feb. 17
|
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