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PesoRama to Raise up to $16.0 Million in a Convertible-Debenture Offering

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PesoRama (PESO.V) intends to raise up to $16.0 million through a convertible-debenture offering, with proceeds used to repay existing debt, the company said on Friday.

PesoRama which operates dollar stores in Mexico, will offer up to 16,000 senior unsecured convertible debentures. The agents have been granted an over-allotment option of up to 2,400 additional debentures, which, if fully exercised, will raise total proceeds to $18.4 million.

The offering is expected to close on June 1. The debentures, priced at $1,000, will mature 36 months after closing, and bear interest at a fixed rate of 9.0% per year and can be converted into shares priced at $0.91, a statement said.

PesoRama shares were last seen down $0.03 to $0.67 on the TSX Venture Exchange.

Price: $0.68, Change: $-0.02, Percent Change: -2.86%

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