By Sheri Kasprzak
Atlanta, Dec. 27 - Lucid Entertainment Inc. said it raised C$1.5 million in a non-brokered private placement.
The company sold C$1,478,000 in unsecured debentures in 1,478 units at C$1,000 each.
The units are comprised of C$1,000 in principal of 11% unsecured debentures and 769 warrants.
The five-year warrants allow for an additional share at C$1.40 each if exercised before 5 p.m. Dec. 23, 2006, C$1.50 each if exercised after 5 p.m. Dec. 23, 2006 and before 5 p.m. Dec. 23, 2008 or C$1.60 each if exercised on or after 5 p.m. Dec. 23, 2008 through expiry.
The warrants also allow the holder to receive a payment from the company, in each fiscal quarter, equal to 0.00000003 multiplied by the free operating cash flows of Lucid's subsidiary, Lucid Toronto Ltd. The company will pay a minimum annual amount of C$0.078 per warrant.
Based in Toronto, Lucid operates and develops entertainment and hospitality venues.
| Issuer: | Lucid Entertainment Inc.
|
| Issue: | Units of C$1,000 in debentures and 769 warrants
|
| Amount: | C$1,478,000
|
| Units: | 1,478 units
|
| Price: | C$1,000
|
| Warrants: | For 769 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$1.40 each before 5 p.m. Dec. 23, 2006; C$1.50 each after 5 p.m. Dec. 23, 2006 and before 5 p.m. Dec. 23, 2008 or C$1.60 each on or after 5 p.m. Dec. 23, 2008 through expiry
|
| Settlement date: | Dec. 24
|
| Stock price: | C$1.15 at close Dec. 24
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
