Business
BluMetric Announces Private Placement
NOT FOR DISTRIBUTION IN THE UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED S...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"\n\n\nNOT FOR DISTRIBUTION IN THE UNITED STATES WIRE SERVICES OR DISSEMINATION\n IN THE UNITED STATES\n\n\nOTTAWA, May 22, 2013 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM); \"BluMetric\" (or the \"Company\") announces its intention to\n complete a brokered private placement offering (the \"Offering\") of\n unsecured convertible debenture units (the \"Units\"), each Unit\n comprising a C$1,000 convertible debenture (the \"Convertible\n Debentures\") and one-half common share purchase warrant (each whole\n warrant, a \"Warrant\"), subject to TSX Venture Exchange approval. The\n Convertible Debentures are convertible, at the option of the\n subscriber, at any time prior to the maturity date, into Common Shares\n of the Company at a conversion price of C$0.60 per Common Share\n representing a conversion rate of approximately 1,667 Common Shares per\n C$1,000 in principal amount of the Convertible Debentures. The\n Convertible Debentures will have a maturity date which is three years\n from the Closing, and will bear interest at a rate of 9% per annum,\n calculated from date of issue, semi-annually in arrears and compounded\n annually.\n\n\nJacob Securities Inc. will be acting as sole agent and book-runner on\n the Offering.\n\n\nThe Offering will be made only to accredited investors, and is expected\n to raise minimum gross proceeds of C$1,000,000 up to a maximum of\n C$2,000,000. In addition, the Company has granted the agent an\n over-allotment option under the same terms and conditions of the\n Offering to raise additional gross proceeds of C$500,000, exercisable\n at any time, in whole or part, prior to the closing of the Offering\n (the \"Closing\").\n\n\nUnder the terms of the Offering, the Company will offer for sale a\n minimum of 1,000 Units up to a maximum of 2,000 Units. Each Warrant\n shall entitle the holder to purchase one common share of the Company\n (the \"Common Shares\") at an exercise price of C$0.75 per Common Share\n for a period of two years from the Closing. The Company will have the\n option to pay the first year's interest payments in cash or common\n shares of the Company based on the 20-day volume weighted average price\n (\"VWAP\"), which will not be lower than the Discounted Market Price of\n the common shares of the Company (as defined in the TSX Venture\n Manual), at the time of payment (the \"In...