Business
MATRRIX Closes First Tranche of Private Placement Financing
MATRRIX Closes First Tranche of Private Placement Financing Canada NewsWire CALG...
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[{"type":"text","content":"\n\n\n\nMATRRIX Closes First Tranche of Private Placement Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Oct. 18, 2017\n\n\n\nCALGARY, Oct. 18, 2017 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSX-V: MXX) is pleased to announce that it has successfully closed a first tranche (the \"First Tranche\") of its previously announced private placement (the \"Offering\") of unsecured, subordinated convertible debentures of the Corporation (the \"Debentures\") for an aggregate principal amount of $2,305,000. \n\nThe Debentures will mature on October 31, 2020 (the \"Maturity Date\"), will bear interest at a rate of 10% per annum paid semi-annually, in arrears on December 31 and June 30 of each year, and will be convertible into common shares in the capital of the Corporation (\"Common Shares\") at a price of $0.49 per Common Share based on a conversion premium of approximately 25% to the last trade on the TSX Venture Exchange (the \"TSXV\") on October 6, 2017 (being the date on which the Offering was announced), subject to adjustments in certain circumstances.\n\nThe principal amount of the Debentures (the \"Principal Amount\") shall be convertible at the option of the holder at any time prior to the close of business on the earlier of (i) the business day immediately preceding the Maturity Date or, (ii) if called for redemption, on the business day immediately preceding the date fixed for redemption, or (iii) if called for repurchase pursuant to a transaction resulting in any person or persons acquiring voting control or direction over at least 50% of the aggregate voting rights attached to the Common Shares then outstanding, on the business day immediately preceding the payment date.\n\nThe Debentures may not be redeemed by the Corporation prior to October 31, 2018.  On and after October 31, 2018 and prior to October 31, 2019, the Debentures may be redeemed by the Corporation, in whole or in part from time to time, on not more than 60 days and not less than 40 days prior notice at a redemption price eq...