Industrial Alliance is agent; deal funds acquisitions, working capital
By Devika Patel
Knoxville, Tenn., Aug. 18 – ACL International Ltd. said it has negotiated a $5 million private placement of 12% convertible debentures with a $3 million greenshoe.
The convertible debentures mature on June 30, 2017. The debenture may be converted into common shares at $0.20 per share. After one year, the company may redeem the debentures.
The deal will be conducted by lead agent Industrial Alliance Securities Inc.
Settlement is expected Sept. 24.
Proceeds will be used for acquisitions and general working capital purposes.
The oil and gas exploration and development company is based in Calgary, Alta.
| Issuer: | ACL International Ltd.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $5 million
|
| Greenshoe: | $3 million
|
| Maturity: | June 30, 2017
|
| Coupon: | 12%
|
| Conversion price: | $0.20
|
| Call: | After one year
|
| Warrants: | No
|
| Agent: | Industrial Alliance Securities Inc. (lead)
|
| Pricing date: | Aug. 18
|
| Settlement date: | Sept. 24
|
| Stock symbol: | TSX Venture: ACL
|
| Stock price: | C$0.16 at close Aug. 17
|
| Market capitalization: | C$1.54 million
|
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