By Devika Patel
Knoxville, Tenn., Aug. 25 - Adaltis Inc. announced it will raise C$20 million in a private placement of convertible notes due 2013 with Clarity China Partners, LP and FMRC Family Trust.
The five-year notes carry a 10% coupon and a stated redemption price at maturity of C$20.6 million.
They are convertible into common shares at C$0.32 per share.
The notes will be sold in two tranches, with the first tranche of C$16 million (C$15 million from Clarity China and C$1 million from FMRC) settling on Sept. 5 and a second tranche of C$4 million from Clarity China settling within 90 days of the first tranche.
Proceeds will be used for working capital and general corporate purposes.
Montreal-based Adaltis develops in vitro diagnostic technologies.
| Issuer: | Adaltis Inc.
|
| Issue: | Convertible notes
|
| Amount: | C$20 million
|
| Maturity: | Five years
|
| Coupon: | 10%
|
| Price: | 97
|
| Yield: | 10%
|
| Conversion price: | C$0.32
|
| Investors: | Clarity China Partners, LP and FMRC Family Trust
|
| Pricing date: | Aug. 22
|
| Settlement date: | Sept. 5 (for C$16 million)
|
| Stock symbol: | Toronto: ADS
|
| Stock price: | C$0.23 at close Aug. 22
|
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