By Sheri Kasprzak
New York, Dec. 21 - H2O Innovation (2000) Inc. said it has completed a private placement of convertible coupons for C$1,551,000.
The company sold 22,157,141 convertible coupons at C$0.07 each to Amsterdam Effectenkantoor BV and FondAction.
The coupons are convertible for units of one share and one warrant. The warrants are exercisable for two years at C$0.70 each to account for the company's 10-for-1 consolidation of its common stock.
Proceeds will be used for working capital.
Separately, H2O has entered into a long-term debt restructuring plan with some of its creditors. H2O hopes to convert C$500,000 in share capital into 7,142,857 convertible coupons at C$0.07 each. The units underlying the convertible coupons include one share and one warrant. The warrants are exercisable for two years at C$0.09 each.
Quebec City-based H2O develops products for drinking water production, wastewater treatment and industrial processing.
| Issuer: | H2O Innovation (2000) Inc.
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| Issue: | Convertible coupons, convertible into units of one share and one warrant
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| Amount: | C$1,551,000
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| Coupon: | 22,157,141
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| Price: | C$0.07
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| Warrants: | One warrant per unit upon conversion
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.70 (following 10-for-1 consolidation of stock)
|
| Investors: | Amsterdam Effectenkantoor BV and FondAction
|
| Settlement date: | Dec. 21
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| Stock price: | C$0.11 at close Dec. 20
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