Business
Advantex closes first tranche of debenture financing
Advantex closes first tranche of debenture financing.
About this update from Advantex Marketing International Inc.
[{"type":"text","content":"\n\n\n\n\nADX: TSX\n\nTORONTO, Nov. 10 /CNW/ - Advantex Marketing International Inc.\n(\"Advantex\" or the \"Company\") announces the first closing of its $6 million\nprivate placement debenture financing, as previously announced in the\nCompany's News Release dated October 27, 2006 (the \"Offering\"). Notre-Dame\nCapital Inc. (\"Notre Dame\") and Trapeze Capital Corporation (\"Trapeze\") acted\nas the Company's exclusive agents in raising an aggregate of $5,685,000\nprincipal amount of secured convertible debentures of Advantex (the\n\"Debentures\") pursuant to the Offering. Subscriptions for an additional\n$315,000 principal amount of Debentures are expected to be received within the\nnext week, for aggregate gross proceeds of $6 million being raised pursuant to\nthe Offering.\nThe Debentures bear interest at 10% per year and mature on December 9,\n2011. Each $1,000 principal amount of Debenture is convertible, at any time\nuntil maturity at the option of the holder thereof and in accordance with the\nterms of the certificates governing the Debentures, into common shares of\nAdvantex at a price of $0.10 per share.\nAs part of the Offering, the existing convertible debentures of Advantex\nin the principal amount of $3,975,000 were rolled over into the new Debentures\nand the additional gross proceeds of the Offering of $2,025,000 will be used\nto fund Advantex's Advance Purchase Marketing Program and for general working\ncapital purposes.\nAdvantex paid Trapeze a cash commission of $142,125 and granted Trapeze\nan aggregate of 500,000 compensation warrants (each, a \"Compensation\nWarrant\"). Each Compensation Warrant entitles the holder thereof to acquire\none common share of Advantex at $0.10 until November 9, 2008.\n\nAbout Advantex Marketing International Inc.\n\nAdvantex Marketing International Inc. is a leading marketing services\ncompany, specializing in Advance Purchase Marketing Programs for merchants,\ncoalition loyalty rewards programs, and Online Shopping Malls. Advantex\nloyalty partners include CIBC, United Airlines, Delta Air Lines, The New York\nTimes, and other major corporations, as well as a growing list of restaurants,\nretailers, golf courses, small inns and resorts. Advantex is a public company,\ntraded on the Toronto Stock Exchange under the symbol \"ADX\". For additional\ninformation on Advantex, please ...