Three-year notes will fund working capital, research and development
By Devika Patel
Knoxville, Tenn., July 16 – Earth Alive Clean Technologies Inc. said it settled a C$1.65 million non-brokered private placement of three-year 12% unsecured convertible debentures. The deal priced for up to C$1.5 million on July 10.
The C$5,000 debentures convert to common stock at C$0.20 per share in the first and second years and at C$0.30 per share in the third year. The conversion prices are 53.85% and 130.77% premiums to C$0.13, the July 9 closing share price.
Earth Alive may force conversion if its stock price reaches C$0.40 for 10 consecutive trading days.
One Drop Investments Inc. intends to invest C$500,000, and Les Placements Mica3 Inc. will invest C$275,000.
Proceeds will be used for general working capital purposes, research and development and developing new markets.
The Montreal company uses environmentally sustainable technologies to develop dust control products for the mining industry.
| Issuer: | Earth Alive Clean Technologies Inc.
|
| Issue: | Unsecured convertible debenture
|
| Amount: | C$1.65 million
|
| Maturity: | Three years
|
| Price: | Par of C$5,000
|
| Coupon: | 12%
|
| Conversion prices: | C$0.20 in the first and second years, C$0.30 in the third year
|
| Conversion premiums: | 53.85% and 130.77%
|
| Call: | Yes
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | One Drop Investments Inc. (for C$500,000) and Les Placements Mica3 Inc. (for C$275,000)
|
| Pricing date: | July 10
|
| Settlement date: | July 16
|
| Stock symbol: | CNSX: EAC
|
| Stock price: | C$0.13 at close July 9
|
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