Business News • MarketWire • Prime City One Capital Corp. Announces Debenture Offering |
Prime City One Capital Corp. Announces Debenture Offering |
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Prime City One Capital Corp. Announces Debenture Offering
TORONTO, ONTARIO--(Marketwired - Dec. 17, 2013) - Prime City One Capital Corp. (TSX VENTURE:PMO.H) (the "Corporation" or "Prime City") is pleased to announce a non-brokered offering of a convertible secured debenture (the "Debenture") for aggregate gross proceeds of $250,000 to Gravitas Financial Inc., a public company whose shares are listed and posted for trading on the CNSX (the "Offering"). The Debenture will mature on the date that is one (1) year from the date of issuance (if not otherwise converted) and bear interest at a rate of 12% per annum, which shall be accrued and paid upon maturity or conversion either via cash or, at the option of the holder, via the issuance of common shares of the Corporation ("Common Shares") at a price that is equal to the market price at such time. The Debenture will be convertible into Common Shares at a conversion rate of $0.05 per share at any time prior to maturity. The Debenture will include a negative pledge on the part of the Company not to incur any new debt obligations prior to repayment or conversion, other than normal trade payables and obligations. The proceeds of this Offering will be used for corporate restructuring costs, retirement of existing payables and for general working capital purposes. The Debenture and the Common Shares issuable upon conversion of the Debenture will be subject to a four-month hold period. The Offering is subject to the approval of the NEX.
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