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| Home : Cdn Oilfield Technologies & Solutions Corp.: Private Placement- $2,000,000 |
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Mar 03
2012 |
Cdn Oilfield Technologies & Solutions Corp.: Private Placement- $2,000,000 |
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CALGARY, ALBERTA--(Marketwire - March 2, 2012) - Cdn Oilfield Technologies & Solutions Corp. (the "Corporation") (TSX VENTURE:OTS). The Corporation is pleased to announce that it has secured $2,000,000 under the first closing of its previously announced non-brokered private placement of debentures ("Debentures"). The Debentures will bear interest at a rate of 12% per annum payable on a semi-annual basis and will be for a term of 1 year. 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 the outstanding 12% debentures of the Corporation in the principal amount of $500,000 maturing on November 16, 2012 and will also be subordinated to any future financing obtained by the Corporation from a conventional lender, such as a chartered bank. The net proceeds from the Debentures will be used for general working and expansion capital purposes. |
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| Source:http://www.marketwire.com/mw/release.do?id=1627539&sourceType=3 |
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