By Sheri Kasprzak
New York, Feb. 21 - DoveCorp Enterprises Inc. said it has negotiated two private placements - one of stock and the other of convertible debentures - totaling C$2.5 million.
The company intends to raise C$1.5 million from a convertible debenture offering with a fund managed by Quorum Funding Corp.
The 8% debentures are due on Dec. 15, 2009 and are convertible into common shares at C$0.30 each.
Proceeds from the debentures will be used for new equipment purchases and working capital.
DoveCorp also intends to raise C$1 million from the sale of 4,545,454 shares at C$0.22 each.
Placement agent Toll Cross Securities Inc. has a greenshoe for up to C$200,000 in additional proceeds.
The stock deal is slated to close on March 7.
Proceeds will be used for debt repayment and for working capital.
Based in Toronto, DoveCorp is a dry cleaning and laundry services company.
Convertibles
| Issuer: | DoveCorp Enterprises Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$1.5 million
|
| Maturity: | Dec. 15, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.30
|
| Warrants: | No
|
| Investor: | Quorum Funding Corp.
|
| Pricing date: | Feb. 20
|
| Stock symbol: | TSX Venture: DOV
|
| Stock price: | C$0.20 at close Feb. 20
|
|
|
| Stock
|
| Issuer: | DoveCorp Enterprises Inc.
|
| Issue: | Stock
|
| Amount: | C$1 million
|
| Greenshoe: | C$200,000
|
| Shares: | 4,545,454
|
| Price: | C$0.22
|
| Warrants: | No
|
| Placement agent: | Toll Cross Securities Inc.
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 7
|
| Stock symbol: | TSX Venture: DOV
|
| Stock price: | C$0.20 at close Feb. 20
|
|
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