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Noveris Health Sciences to Raise C$500,000 From a Private Placement of Convertible Debentures

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Noveris Health Sciences (NVRS.CN) late Thursday said it intends to complete a non-brokered private placement of one-year convertible debentures of up to C$500,00.

The debentures will be sold in increments of C$1,000 principal amount, and bear interest at a rate of 10% per year and is payable in share units on the date of conversion of the debentures.

Each unit will be be made up of a share and a two-year warrant of the company.

Proceeds will be used for general working capital, general and administrative expenses, and research and development needs.

Shares of the company were last seen down 9.1% at C$0.15 on the Canadian Securities Exchange.

Price: $0.15, Change: $-0.02, Percent Change: -9.09%

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