By Sheri Kasprzak
Atlanta, Nov. 23 - ACE Security Laminates Corp. said Tuesday it has wrapped up the second tranche of its previously announced private placement for C$5,210,388.50.
The company issued 2,708,290 units at C$0.65 each. The units consist of one class A common share and one half-share warrant.
The whole warrants allow for an additional share at C$0.75 each through May 23, 2006.
The company also issued C$3.45 million in convertible debentures. The debentures bear interest at 8% per year and mature Nov. 23, 2007. The debentures are convertible into units of one common share and one warrant any time before Nov. 23, 2007 at a conversion price of C$0.73 for the first two years. The conversion price will be increased to C$0.80 per unit in the third year.
Warrants related to the debentures are exercisable at C$0.75 per share through Nov. 23, 2006.
Standard Securities Capital Corp. was placement agent in the offering.
In total, the company has received a total of C$6,614,888.35 through its private placement, the other tranches of which were announced Oct. 22 and Nov. 9.
ACE, based in Ottawa, manufactures window-laminating technology. The company plans to use the proceeds from the deal to increase its marketing efforts.
| Issuer: | ACE Security Laminates Corp.
|
| Placement agent: | Standard Securities Capital Corp.
|
| Settlement date: | Nov. 23
|
| Stock price: | C$0.65 at close Oct. 22
|
| Stock price: | C$0.70 at close Nov. 22 (last trade)
|
|
|
| Units
|
| Issue: | Units of one class A common share and one half-share warrant
|
| Amount: | C$5,210,388.50
|
| Shares: | 2,708,290 units
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 23, 2006
|
| Warrant strike price: | C$0.75
|
| Announcement date: | Oct. 22
|
|
|
| Convertible debentures
|
| Issue: | Convertible debentures
|
| Amount: | C$3.45 million
|
| Maturity: | Nov. 23, 2007
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.73 for two years; C$0.80 for the third
|
| Warrants: | One warrant per unit related to conversion
|
| Warrant expiration: | Nov. 23, 2006
|
| Warrant strike price: | C$0.75
|
|
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