Offering with warrants sells 10% debt due Jan. 15, 2017 to KF Business
By Devika Patel
Knoxville, Tenn., Dec. 23 – Triton Emission Solutions Inc. arranged a $1.5 million convertible loan with KF Business Ventures, LP on Dec. 17, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The loan will be advanced in five equal installments of $300,000 each.
The debt is due Jan. 15, 2017 and carries a 10% coupon. The loan may be converted into common shares at $0.10 per share. The company may prepay the debt.
KF Business also will receive warrants for 8 million shares, which are each exercisable at $0.10 until Jan. 15, 2021.
The conversion price and warrant strike price are an 11.11% premium to the Dec. 16 closing share price of $0.09.
The San Juan, Puerto Rico, company develops and sells emission abatement technologies for the marine industry.
| Issuer: | Triton Emission Solutions Inc.
|
| Issue: | Convertible loan
|
| Amount: | $1.5 million
|
| Maturity: | Jan. 15, 2017
|
| Coupon: | 10%
|
| Conversion price: | $0.10
|
| Call: | Yes
|
| Warrants: | For 8 million shares
|
| Warrant expiration: | Jan. 15, 2021
|
| Warrant strike price: | $0.10
|
| Investor: | KF Business Ventures, LP
|
| Settlement date: | Dec. 17
|
| Stock symbol: | OTCBB: DSOX
|
| Stock price: | $0.09 at close Dec. 16
|
| Market capitalization: | $6.52 million
|
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