By Sheri Kasprzak
Atlanta, March 31 - Battery & Wireless Solutions Inc. said it has closed the final tranche of a C$1,027,000 private placement for C$702,000.
The final offering was made as a limited partnership offering in the form of a convertible loan over the course of four years. The loan will pay a fixed return of 12% on invested capital and a variable return of three-quarters of 1% on the incremental growth in gross revenue from C$16 million annually.
The loan is convertible into a total of 702,000 common shares at $1.00 each.
The deal also comes with 637,500 bonus shares, priced at C$0.20 each.
The first tranche closed earlier this month for C$325,000. That offering included 325,000 shares issued at C$1.00 each.
Based in Vancouver, B.C., Battery & Wireless provides solar and portable power sources to the retail sector. The proceeds will be used for working capital.
| Issuer: | Battery & Wireless Solutions Inc.
|
| Issue: | Convertible loan
|
| Amount: | C$702,000
|
| Maturity: | Four years
|
| Fixed return: | 12%
|
| Conversion price: | C$1.00
|
| Conversion ratio: | Into 702,000 common shares
|
| Bonus shares: | 637,500
|
| Bonus share price: | C$0.20
|
| Pricing date: | Jan. 25
|
| Settlement date: | March 30
|
| Stock price: | C$0.11 at close Jan. 25
|
| Stock price: | C$0.18 at close March 30
|
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