By Devika Patel
Knoxville, Tenn., Aug. 27 - The Silver Recycling Co. said it will raise up to C$2 million by selling 10% convertible debentures in a private placement.
Of the debentures sold, C$1.5 million will be bought by a private Swiss-based investment firm, Cyclecommunication GmbH, and its principal, Erich Perroulaz.
The two-year debentures may be convertible at any time into common shares at C$0.75 per share. They pay interest at 10% per annum, payable quarterly, beginning on the 180th day after the deal settles.
The debentures also are redeemable, without penalty, at any time after one year.
Investors also will receive one warrant for every C$10 in convertibles bought; each warrant will be exercisable at C$0.90.
Settlement of the first tranche is expected in a few days.
Vancouver, B.C.-based Silver Recycling is pursuing opportunities to acquire silver scrap recycling companies in North America.
| Issuer: | The Silver Recycling Co.
|
| Issue: | Convertible debentures
|
| Amount: | C$2 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.75
|
| Warrants: | One warrant for every C$10 investment (200,000 warrants)
|
| Warrant strike price: | C$0.90
|
| Investor: | Cyclecommunication GmbH (for C$1.5 million)
|
| Pricing date: | Aug. 27
|
| Stock symbol: | TSX Venture: TSR.H
|
| Stock price: | C$0.64 at close Aug. 26
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
