By Sheri Kasprzak
New York, Sept. 29 - Brainhunter Inc. said it has arranged a private placement of convertible notes for up to C$8 million.
The 8% notes mature in three years and are convertible at C$1.50 each.
For each C$1,000 in principal of notes purchased, the investors will receive warrants for 500 shares, exercisable at C$1.00 each for three years.
The notes are redeemable one year after closing if Brainhunter's stock trades above C$2.00 for a specific trading period.
The deal is expected to close Oct. 12.
Proceeds will be used for growth opportunities and for working capital.
Based in Toronto, Brainhunter is a recruiting company focused on the technology sector.
| Issuer: | Brainhunter Inc.
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| Issue: | Convertible notes
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| Amount: | C$8 million (maximum)
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
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| Conversion price: | C$1.50
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| Call: | Redeemable after one year if stock trades above C$2.00 per share
|
| Warrants: | For 500 shares per C$1,000 in principal purchased
|
| Warrant expiration: | Three years
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| Warrant strike price: | C$1.00
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 12
|
| Stock price: | C$0.94 at close Sept. 28
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