Innovative Composites International Inc. Announces Closing of Debenture Offering
April 14 2014 - 5:01PM
Marketwired
Innovative Composites International Inc. Announces Closing of
Debenture Offering
TORONTO, ONTARIO--(Marketwired - Apr 14, 2014) - Innovative
Composites International Inc. (CSE:IC)(OTCQX:ICIZF) ("ICI", or the
"Company") is pleased to announce that it has closed a convertible
debenture offering in the aggregate principal amount of $60,000
(the "Offering").
The convertible debentures (the "Debentures") have a two year
maturity, bear interest at a rate of 7% per annum and are
convertible into common shares of the Company at a conversion price
equal to $0.01. Debenture holders have been provided with a
subordinated first claim over all of the assets of the Company,
ranked after security held by senior debentureholders. The Company
has the right to prepay the Debentures upon payment of an
additional three month's interest, although Debenture holders will
have the right to convert should the Company seek to exercise its
prepayment rights. Subscribers to the Offering received 1,600 share
purchase warrants for every $1,000 of principal subscribed for,
each such warrant entitling the holder to purchase one additional
common share for a period of two years from the date of issuance at
an exercise price of $0.05 per share. A total of 96,000 warrants
were issued in connection with the closing of the Offering. The
Offering was non-brokered. A finder's fee totaling $1,800 was paid
upon closing of the Offering. Proceeds of the Offering will be used
for general working capital purposes.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites
International Inc. is a high-tech engineering and manufacturing
company whose goal is to utilize its proprietary "green" composite
materials and building systems to provide innovative, engineered
product solutions to markets that include automotive and
transportation, shelters and containers, construction and housing,
and industrial applications.
To find out more about ICI please visit our website at:
www.innovativecompositesinc.com.
The CSE has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
Innovative Composites International Inc.Mark RiversChief
Executive Officer(416) 646
0754mrivers@innovativecompositesinc.comwww.innovativecompositesinc.com