8% convertible debentures due April 22, 2016 sold to seven investors
By Devika Patel
Knoxville, Tenn., June 12 – SunVault Energy, Inc. sold $237,700 of 8% convertible debentures to seven investors in a private placement on April 23, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The debentures are due April 22, 2016 and will convert to common shares at $0.30 per share. The conversion price is a 57.9% premium to the April 22 closing share price of $0.19.
The energy company is based in Kelowna, B.C.
| Issuer: | SunVault Energy, Inc.
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| Issue: | Convertible debentures
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| Amount: | $237,700
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| Maturity: | April 1, 2016
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| Coupon: | 8%
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| Conversion price: | $0.30
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| Conversion premium: | 57.9%
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| Warrants: | No
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| Settlement date: | April 23
|
| Stock symbol: | OTCBB: SVLT
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| Stock price: | $0.19 at close April 22
|
| Market capitalization: | $12.94 million
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