WellPoint Systems extends private placement offering for C$1.5 million in debentures

By Sheri Kasprzak

Atlanta, Dec. 21 - WellPoint Systems Inc. said late Monday it will extend its previously announced C$1.5 million private placement into January.

The deal is expected to have one or more closings in the beginning of next year.

The offering, announced Nov. 2, includes convertible subordinated debentures, which bear interest at 12% annually and mature in two years.

The debentures are convertible into common shares at C$0.40 each.

The deal had originally been expected to close Dec. 30.

WellPoint, based in Calgary, Alta., is a software vendor focused on the oil and gas sector. The company plans to use the proceeds from the offering for the development of the company's software and for working capital.

On Monday, WellPoint's stock closed unchanged at C$0.22.

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