By Devika Patel
Knoxville, Tenn., Nov. 20 - Advanced ID Corp. gave further details on a C$3 million sale of its 6% convertible debentures in an 8-K filed Thursday with the Securities and Exchange Commission.
The private placement with La Jolla Cove Investors priced on Nov. 10 and a $1 million tranche settled at pricing.
The three debentures will each have a face value of C$1 million.
They mature in one year and are convertible into common shares at a conversion price equal the lesser of $0.50 or 80% of the average of the three lowest volume-weighted average prices per share of the company's common stock during the 20 trading days immediately preceding the conversion date.
If on the date that La Jolla elects to convert a portion of the debenture, the volume-weighted average price per share of the company's common stock is less than $0.08, Advanced ID may redeem the portion of the debenture that is subject to the conversion election at 150%.
The microchip identification technology manufacturer is based in Calgary, Alta.
| Issuer: | Advanced ID Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$3 million
|
| Maturity: | Nov. 30, 2011
|
| Coupon: | 6%
|
| Price: | Par of C$1 million
|
| Yield: | 6%
|
| Conversion price: | The lesser of $0.50 or 80% of the average of the three lowest volume-weighted average prices per share of the company's common stock during the 20 trading days immediately preceding the conversion date
|
| Warrants: | No
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 10 (for $1 million)
|
| Stock symbol: | OTCBB: AIDO
|
| Stock price: | $0.101 at close Nov. 10
|
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