Global Maxfin Capital is agent; deal funds general corporate purposes
By Devika Patel
Knoxville, Tenn., June 4 - Sensio Technologies Inc. said it has negotiated a C$2 million private placement of unsecured convertible debentures with a C$300,000 greenshoe.
The convertible debentures will be sold at par of C$1,000 and mature in three years. The securities accrue interest at 12% per year. The debenture may be converted into common shares at C$0.28 per share, a 55.56% premium to the June 3 closing share price of C$0.18. The conversion price equals a ratio of 3,571 shares per C$1,000 of debentures.
The company may force conversion. It may redeem the debentures in the third year with a 3% penalty.
The deal will be conducted on a commercially reasonable-efforts basis by Global Maxfin Capital Inc.
Settlement is expected June 25.
Proceeds will be used for general working capital purposes and business development.
Montreal-based Sensio develops stereoscopic technologies used in conventional two-dimensional television channels, as well as plasma TVs, HDTV and glass-free three-dimensional displays.
| Issuer: | Sensio Technologies Inc.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | C$2 million
|
| Greenshoe: | C$300,000
|
| Maturity: | Three years
|
| Price: | Par of C$1,000
|
| Coupon: | 12%
|
| Conversion price: | C$0.28
|
| Conversion premium: | 55.56%
|
| Conversion ratio: | 3,571 shares per C$1,000 of debentures
|
| Call: | Yes
|
| Warrants: | No
|
| Agent: | Global Maxfin Capital Inc.
|
| Pricing date: | June 4
|
| Settlement date: | June 25
|
| Stock symbol: | TSX Venture: SIO
|
| Stock price: | C$0.18 at close June 3
|
| Market capitalization: | C$11.03 million
|
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