CCM Master Qualified buys two-year 15% senior secured convertibles
By Devika Patel
Knoxville, Tenn., Oct. 31 - blutip Power Technologies Ltd. said it completed a C$2.6 million private placement of senior secured convertible notes with CCM Master Qualified Fund, Ltd. It may sell another C$1 million of notes.
The 15% notes mature in two years. The notes convert into common shares at C$0.10 per share, a 20% discount to the Oct. 28 closing share price of C$0.125.
The investor also received 26 million warrants, which are each exercisable at C$0.10 for two years. The strike price is also a 20% discount to the Oct. 28 closing share price.
Proceeds will be used to repay debt, including the pre-payment of interest on the notes, and for general working capital.
The technology company is based in Mississauga, Ont.
| Issuer: | blutip Power Technologies Ltd.
|
| Issue: | Senior secured convertible notes
|
| Amount: | C$2.6 million
|
| Maturity: | Two years
|
| Coupon: | 15%
|
| Conversion price: | C$0.10
|
| Warrants: | 26 million
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Investor: | CCM Master Qualified Fund, Ltd.
|
| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: BPR
|
| Stock price: | C$0.12 at close Oct. 31
|
| Market capitalization: | C$9.7 million
|
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