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FINWIRES

DelphX Capital to Raise C$80,000 Via Non-Brokered Unit Private Placement and Convertible Debenture Financing

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DelphX Capital Markets (DELX.V) intends to complete a non-brokered financing and a non-brokered private placement of convertible debentures, to raise total proceeds of C$80,000, it said late Monday.

The offering will consist of a non-brokered financing of up to 1.5 million units at C$0.02 each for gross proceeds of up to C$30,000, and a non-brokered private placement of convertible debentures for gross proceeds of up to C$50,000. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to buy a share for C$0.06 for a two-year period from the date of issuance.

The two-year debentures will bear interest at a rate of 8% per annum and will be convertible into common shares of the company at C$0.05 per share, representing up to 1-million common shares issuable upon conversion of the full C$50,000 principal amount, the company said.

Proceeds will be used for general corporate needs.

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