Cantronic Systems offers $8M in private placement financing

The Canadian Press ~ The News
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VANCOUVER - Cantronic Systems Inc. (TSXV:CTS) said Tuesday it was making a private placement offering of up to $8 million in unsecured convertible debentures and common shares to generate funds for working capital and general corporate purposes.
The financing lead by Versant Partners Inc. will be made on a reasonable best-efforts basis and will occur in two stages, the first closing before the end of the month.
The debentures have a term of five years and will bear interest at 10 per cent per year payable semi-annually. They may be converted into shares at 40 cents per share.
After maturing, Cantronic may repay the debentures in cash or in shares. After Dec. 15, 2011, it has the right to redeem the debentures entirely or in part.
Cantronic makes, distributes, and provides training and services in the fields of infrared vision and video security surveillance technologies.
Its shares closed at 36 cents Monday on the Toronto Stock Exchange.

Organizations: Cantronic Systems Inc., Versant Partners, Toronto Stock Exchange

Geographic location: VANCOUVER

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