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Sharc International Closes Final Tranche of $2.5-Million Convertible Debenture Placement

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Sharc International Systems (SHRC.CN) on Friday closed the final tranche of a non-brokered private placement of unsecured convertible debentures, including the 25% overallotment option, raising a total $2.5 million.

The three-year debentures bear an 8.0% annual interest rate, paid on maturity.

The debentures, including any accrued and unpaid interest, will be convertible into shares priced at $0.125 apiece at the option of the holder.

Proceeds will be used for working capital and general corporate needs as it continues to fulfil the production, shipment and delivery of its Sales Order Backlog, it said.

Shares of the company were last seen up $0.01 to $0.16 on the Canadian Securities Exchange.

Price: $0.16, Change: $+0.01, Percent Change: +6.90%

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