By Sheri Kasprzak
New York, Dec. 6 - Intermoco Ltd. said it has received an agreement from Newpage Pty. Ltd. for a A$39 million private placement of shares and convertible notes.
The company plans to sell 454,545,454 shares at A$0.044 each to Newpage and A$19 million in principal of a convertible note.
The two-year note bears interest at the Reserve Bank of Australia cash rate plus 100 basis points and is convertible into common shares at a price equal to 92.5% of the daily weighted average price for the 20 trading days before conversion.
Based in Victoria, Australia, Intermoco provides automated meter-reading technologies to utilities.
Stock
| Issuer: | Intermoco Ltd.
|
| Issue: | Stock
|
| Amount: | A$20 million
|
| Shares: | 454,545,454
|
| Price: | A$0.044
|
| Warrants: | No
|
| Investor: | Newpage Pty. Ltd.
|
| Announcement date: | Dec. 6
|
| Stock price: | A$0.059 at close Dec. 6
|
|
|
| Convertibles
|
| Issuer: | Intermoco Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$19 million
|
| Maturity: | Two years
|
| Coupon: | RBA cash rate plus 100 basis points
|
| Conversion price: | Equal to 92.5% of the daily weighted average price for the 20 trading days before conversion
|
| Warrants: | No
|
| Investor: | Newpage Pty. Ltd.
|
| Announcement date: | Dec. 6
|
| Stock price: | A$0.059 at close Dec. 6
|
|
|
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