Deal is comprised of 6% convertibles sold with 100% warrant coverage
By Devika Patel
Knoxville, Tenn., June 26 – Biosenta Inc. said it plans a C$1 million private placement of 6% two-year convertible debentures. The deal has already raised C$665,000.
The notes are convertible into common shares at C$0.40, which is a 166.67% premium to the June 25 closing share price of C$0.15.
Investors will also receive 100% warrant coverage. The two-year warrants are exercisable at C$1.00, a 566.67% premium to the June 25 closing price.
Proceeds will be used for sales, market development and general working capital purposes.
The Toronto company offers a retail line of bio-safe, anti-microbial products.
| Issuer: | Biosenta Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Conversion price: | C$0.40
|
| Conversion premium: | 166.67%
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Settlement date: | June 26 (for C$665,000)
|
| Stock symbol: | CNSX: ZRO
|
| Stock price: | C$0.15 at close June 25
|
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