By Devika Patel
Knoxville, Tenn., May 26 - Nuvolt Corp. said it priced C$1 million 18-month convertible debentures at par to yield 12% in a non-brokered private placement.
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.
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Issue: | Convertible debentures
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Amount: | C$1 million
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Maturity: | 18 months
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Coupon: | 12%
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Price: | Par
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Yield: | 12%
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Conversion price: | C$0.20
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | May 26
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Stock symbol: | TSX Venture: NCO
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Stock price: | C$0.095 at close May 25
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Market capitalization: | C$6.03 million
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