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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Streetlight Intelligence Inc. | TSXV:SLQ | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Streetlight Intelligence Inc. (TSX VENTURE:SLQ) today announced that it is proposing to offer by private placement 7% subordinated secured convertible debentures (the "Debentures") in the principal amount of $1,000,000. The Debentures shall bear interest at a rate of seven (7) percent per annum payable semi-annually in arrears, shall mature twenty-four (24) months from the date of issuance ("Maturity Date") and will be convertible into units (the "Units") of the Corporation at the option of the holder in principal denominations of $25,000. The conversion price for the conversion of the whole or any part of a Debenture, at the option of the holder, shall be at a price of $.90 per Unit. The Units shall consist of one (1) common share ("Share") and one half (1/2) of one Share purchase warrant ("Warrant") entitling the holder thereof to purchase one (1) additional Share of the Corporation for each whole Warrant held at an exercise price of $1.20 per Share, at a term of which shall expire by the earlier of twenty-four (24) months from the date of issuance of the Debentures or the Maturity Date. If at any time subsequent to the issuance of the Debentures the average closing trading price per Share of the Corporation as traded on a recognized stock exchange in Canada for a period of fifteen (15) consecutive trading days is equal to or greater than $1.80, the Corporation shall have the right to issue fifteen (15) days notice in writing to the Debenture holders to convert the principle amount of the Debentures, or part thereof, into fully paid and non-assessable Units of the Corporation. The Debentures shall be secured by a floating charge covering all of the assets and undertakings of the Corporation and subordinated to all senior indebtedness and security granted by the Corporation to a chartered bank up to an amount of $500,000. The Corporation shall have the right at any time and from time to time to prepay any portion of the principle amount of the indebtedness. The Shares, Warrants, and any Shares issuable upon exercise of the Warrants shall be subject to a hold period expiring four (4) months and one day following the issuance of the Debentures. The proceeds from the proposed private placement will be used for general working capital purposes. Streetlight Intelligence Inc. is a public company listed on the TSX Venture Exchange (trading symbol: SLQ). STI designs, manufactures and markets products and services for the street light industry. STI's proprietary Lumen IQ(TM) technology allows street lights to be remotely turned on/off or dimmed at specified times, which results in significant energy savings and reductions in greenhouse gas emissions and light pollution. The Lumen IQ(TM) network also immediately identifies malfunctioning street lights allowing substantial maintenance cost savings. For more information, access www.StreetlightIQ.com. This News Release may contain forward-looking statements based on the estimates and opinions of management at the date the statements were made and STI undertakes no obligation to update forward-looking statements if conditions or opinions should change.
1 Year Streetlight Intelligence Inc. Chart |
1 Month Streetlight Intelligence Inc. Chart |
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