By Devika Patel
Knoxville, Tenn., Dec. 2 - WellPoint Systems Inc. said it has arranged a private placement of secured convertible debentures for C$2 million.
The debenture matures in five years and one month and bear interest at an adjustable rate, initially at 7.75%. The note is convertible into common shares at C$0.30 per share. The company also said it is lowering the conversion price of its other debentures to C$0.30 as well.
Quorum Funding Corp. is the investor.
Proceeds will be used to fund ongoing investment in developing and delivering integrated back office solutions to the oil and gas and mining markets and for general working capital purposes.
WellPoint is a software company based in Calgary, Alta.
| Issuer: | WellPoint Systems Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | C$2 million
|
| Maturity: | Five years and one month
|
| Coupon: | Adjustable, starting at 7.75%
|
| Price: | Par
|
| Yield: | Adjustable, starting at 7.75%
|
| Conversion price: | C$0.30
|
| Warrants: | No
|
| Investor: | Quorum Funding Corp.
|
| Pricing date: | Dec. 2
|
| Stock symbol: | TSX Venture: WPS
|
| Stock price: | C$0.15 at close Dec. 1
|
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