By Sheri Kasprzak
Atlanta, June 7 - BCS Global Networks Inc. said it plans to raise C$1,819,000 in a non-brokered private placement.
The offering includes 1,819 units at C$1,000 each.
Each unit includes C$1,000 in principal of a series C convertible debenture and warrants for 5,000 common shares.
Each whole warrant allows for an additional share at C$0.15 each for one year. The warrants are only exercisable after the debenture comprising the other part of the unit has been converted.
The debentures bear interest at 8% annually and mature in one year. The debentures are convertible into either common shares or debenture units at C$0.10 each.
Directors, officers and current shareholders of the company have agreed to purchase 1,500 of the units.
The private placement is being conducted as part of BCS's acquisition by 2073832 Ontario Inc. The acquisition includes the purchase of all of BCS's outstanding shares by 2073832 Ontario at C$0.20 per share.
Based in Mississauga, Ont., BCS provides internet protocol-based voice, video and data services to customers in North America and Europe.
| Issuer: | BCS Global Networks Inc.
|
| Issue: | Units of C$1,000 in series C convertible debenture and 5,000 warrants
|
| Amount: | C$1,819,000
|
| Units: | 1,819
|
| Price: | C$1,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.10
|
| Warrants: | 5,000 warrants per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Pricing date: | June 6
|
| Stock price: | C$0.165 at close June 6
|
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