Proceeds used to redeem $2.07 million series A convertible debentures
By Devika Patel
Knoxville, Tenn., March 12 - Nightingale Informatix Corp. said it settled a C$3.27 million private placement of convertible partially secured subordinated debentures. Raymond James Ltd. conducted the sale on a best-efforts basis. The deal priced for C$3.5 million on Jan. 25.
The debenture was sold in C$1,000 increments and accrues interest at 10% and is due on March 14, 2016. It converts to common stock at a conversion price of C$0.60, which is a 185.71% premium to the Jan. 24 closing share price of C$0.21. The debenture may be redeemed after one year.
Proceeds will be used for general corporate purposes and to redeem the remainder of the company's $2.07 million series A 12% convertible debentures.
Based in Markham, Ont., Nightingale develops software used by health care providers for patient scheduling, billing, transcription, data management, claims processing and other activities.
| Issuer: | Nightingale Informatix Corp.
|
| Issue: | Convertible partially secured subordinated debenture
|
| Amount: | C$3,265,000
|
| Maturity: | March 14, 2016
|
| Coupon: | 10%
|
| Price: | Par of C$1,000
|
| Conversion price: | C$0.60
|
| Call: | Yes
|
| Warrants: | No
|
| Agent: | Raymond James Ltd.
|
| Pricing date: | Jan. 25
|
| Settlement date: | March 12
|
| Stock symbol: | TSX Venture: NGH
|
| Stock price: | C$0.21 at close Jan. 24
|
| Market capitalization: | C$17.17 million
|
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