dynaCERT to Raise up to $5 Million Through Non-Brokered Private Placement Financing
dynaCERT (DYA.TO) Thursday announced a non-brokered offering to raise up to $5 million.The company is offering convertible unsecured units at a price of $1 million each. Each unit will consist of a convertible note with a principal amount of $1 million, bearing interest at an annual rate of 6% and maturing two years from the date of issuance. The note will be convertible, at the holder's option and in whole or in part, into approximately 6.7-million company shares at a conversion price of $0.15 per share. Each unit will also include approximately 3.3-million warrants.Each warrant will entitle the holder to buy a share at an exercise price of $0.20 per share for a period of two years.If the offering is fully subscribed, the convertible notes will be convertible into an aggregate of around 33.3-million shares and around 16.7-million warrants will be issued, said the company.Gross proceeds will be used to finance sales of the company's HydraGEN Technology Products to participants in the mining, oil & gas, transportation, construction, port handling and stationary generator sectors on a global basis, for working capital and for general corporate purposes, added the company.Closing of the offering is subject to completion of formal documentation and receipt of all necessary regulatory approvals.
