By Sheri Kasprzak
Atlanta, Nov. 9 - Advanced Coatings Engineering Security Laminates Corp. said Tuesday it has wrapped up the first tranche of its previously announced C$1,404,499 private placement.
The company sold 2,160,769 units of one class A share and one half-share warrant at C$0.65 per unit.
The whole warrants allow for the purchase of an additional share at C$0.75 before May 9, 2006.
The company expects the second tranche of the deal to close before the end of November.
The second part of the private placement consists of an equity placement similar to the deal closed Nov. 9 as well as secured convertible debentures. The three-year debentures bear interest of 8%. The debentures are convertible at any time before maturity at a price per debenture unit equal to C$0.73. The conversion price will be increased by 10% in the third year of the term. The debenture units consist of one common share and one half-share warrant, exercisable for two years at C$0.75 per share.
Standard Securities Capital Corp. will act as agent in the deal.
ACE, based in Ottawa, manufactures window-laminating technology.
| Issuer: | Advanced Coatings Engineering Security Laminates Corp.
|
| Issue: | Units of one class A share and one half-share warrant
|
| Amount: | C$1,404,499
|
| Shares: | 2,160,769 units
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 9, 2006
|
| Warrant strike price: | C$0.75
|
| Placement agent: | Securities Capital Corp.
|
| Announcement date: | Oct. 22
|
| Settlement date: | Nov. 9
|
| Stock price: | C$0.65 at close Oct. 22
|
| Stock price: | C$0.62 at close Nov. 9
|
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