on CoTec Holdings Corp. (CVE:CTH)
CoTec Holdings Corp. Announces Initial Closure of Convertible Debentures Offering
CoTec Holdings Corp. has completed the initial phase of its private placement of unsecured convertible debentures, raising $12,059,000. An additional closing is planned, contingent upon TSX Venture Exchange approval. Kings Chapel International Ltd., a key stakeholder, is prepared to purchase up to $5 million in debentures, acting as a backstop.
The debentures carry an annual interest rate of 12.5% and mature in 2031. They can be converted into CoTec common shares. The proceeds will fund production equipment for the HyProMag USA joint venture and other corporate needs.
Cash fees and compensation warrants were issued to several finders, including FM Global Markets Inc. and Integrity Capital Group Inc.
R. H.
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