By Sheri Kasprzak
Atlanta, Nov. 18 - Gulf & Pacific Equities Corp. said Thursday it has wrapped a private placement for C$2.3 million.
The company issued 2,300 units of one five-year 8% convertible note with a C$1,000 principal amount and warrants for 1,500 shares at C$1,000 per unit.
Each warrant allows for the purchase of an additional share at C$0.40 for two years.
First Associates Investments Inc. was placement agent. Other agents included Byron Securities Ltd., Jennings Capital Inc. and National Bank Financial Inc.
Based in Calgary, Alta., Gulf & Pacific is an acquirer of grocery-anchored shopping centers. The company plans to use the proceeds for acquisitions related to its core business and for working capital.
| Issuer: | Gulf & Pacific Equities Corp.
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| Issue: | Units of one convertible note and warrants
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| Amount: | C$2.3 million
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| Shares: | 2,300 units
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| Price: | Par of C$1,000 per unit
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| Maturity: | Five years
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| Coupon: | 8%
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| Warrants: | For 1,500 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.40
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| Placement agent: | First Associates Investment Inc. (lead), Byron Securities Ltd., Jennings Capital Inc. and National Bank Financial Inc.
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| Settlement date: | Nov. 18
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| Stock price: | C$0.35 at close Nov. 18
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