By Devika Patel
Knoxville, Tenn., July 13 - Nuvolt Corp. said it has closed a first tranche of a C$1 million non-brokered private placement of 18-month 12% convertible debentures, raising C$800,000. The deal priced May 26. A second tranche will settle for C$200,000 on Aug. 12.
The debentures are convertible into shares at C$0.20.
Proceeds will be used to launch the production of Smartscan.
Based in Levis, Quebec, Nuvolt designs and markets equipment monitoring systems and electrical network management for the industrial, commercial and agricultural sectors.
| Issuer: | Nuvolt Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$1 million
|
| Maturity: | 18 months
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Settlement date: | July 13 (for C$800,000), Aug. 12 (for C$200,000)
|
| Stock symbol: | TSX Venture: NCO
|
| Stock price: | C$0.095 at close May 25
|
| Market capitalization: | C$9.53 million
|
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