Company offers 6.5% secured convertible debentures due March 4, 2018
By Devika Patel
Knoxville, Tenn., March 5 – Enerdynamic Hybrid Technologies Corp. said it completed a C$3 million private placement of three-year 6.5% secured convertible debentures. Kingsdale Capital Markets Inc. was the agent.
The debentures, which are due March 4, 2018, were sold in C$1,000 increments and convert to common stock at C$1.00 per share, which is a 233.33% premium to C$0.30, the March 4 closing share price. The notes may be redeemed or the company may force conversion.
Proceeds will be used for the company's planned acquisition of 40 megawatts of Feed in Tariff.
Based in Toronto, Enerdynamic offers commercial energy solutions that reduce the energy costs of large businesses.
| Issuer: | Enerdynamic Hybrid Technologies Corp.
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| Issue: | Secured convertible debenture
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| Amount: | C$3 million
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| Maturity: | March 4, 2018
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| Coupon: | 6.5%
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| Price: | Par of C$1,000
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| Conversion price: | C$1.00
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| Conversion premium: | 233.33%
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| Call: | Yes
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| Warrants: | No
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| Agent: | Kingsdale Capital Markets Inc.
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| Settlement date: | March 5
|
| Stock symbol: | TSX Venture: EHT
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| Stock price: | C$0.30 at close March 4
|
| Market capitalization: | C$17.15 million
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