-- Sharc International Systems (SHRC.CN) closed the second-tranche of its non-brokered private placement of unsecured convertible debentures, raising $300,000 and bringing total proceeds to date to $600,000, it said overnight Tuesday.
The three-year debentures bear an 8% interest rate, calculated annually paid on maturity. The debentures, including any accrued and unpaid interest, will also be convertible into shares priced at $0.125 apiece .
Proceeds will be used for working capital and general corporate needs.
Shares of the company were last seen unchanged at $0.09 on the Canadian Securities Exchange.