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| Home : Cdn Oilfield Technologies & Solutions Corp.: Private Placement- $1,000,000 |
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Nov 09
2011 |
Cdn Oilfield Technologies & Solutions Corp.: Private Placement- $1,000,000 |
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CALGARY, ALBERTA--(Marketwire - Nov. 8, 2011) - Cdn Oilfield Technologies & Solutions Corp. (the "Corporation") (TSX VENTURE:OTS) is pleased to announce that it intends to raise up to $1,000,000 from a private placement of convertible debentures ("Debentures"). The Debentures will be for a term of 1 year, will bear interest at a rate of 12% per annum payable on a quarterly basis and the outstanding indebtedness under the Debentures may at the option of the holders, be converted into common shares at a conversion price of $0.15 per share. The Corporation shall be entitled to prepay the outstanding indebtedness under the Debentures, without any penalty, at any time after 6 months from the date of issuance of the Debentures. The Debentures will be secured against the assets of the Corporation, but will otherwise be subordinated to an existing senior lender that has provided a loan to the Corporation in the principal amount of $250,000, and will also be subordinated to any financing obtained by the Corporation at any time after the date of issuance of the Debentures from a conventional lender, such as a chartered bank. |
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| Source:http://www.marketwire.com/mw/release.do?id=1584136&sourceType=3 |
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