Ram Power Corp (C-RPG) - News Release Ram Power Corp (C-RPG) - News Release
Ram Power arranges $50-million financing
2013-02-27 08:02 ET - News Release
Shares issued 292,111,894
RPG Close 2013-02-26 C$ 0.27
Mr. Steven Scott reports
RAM POWER, CORP. ANNOUNCES $50 MILLION BEST EFFORTS OFFERING OF UNITS
Ram Power Corp. has entered into an agreement with Cormark Securities Inc. to offer for sale on an agency basis up to 50,000 units at a price of $1,000 per unit for gross proceeds of up to $50-million. Each unit will consist of a $1,000 secured debenture of the company at an interest rate of 8.5 per cent per annum, payable semi-annually, and 1,000 share purchase warrants. Each warrant will entitle the holder to acquire one common share of the company at a price of 30 cents for a period of five years following the closing date.
Closing of the offering is anticipated to occur on or before March 19, 2013, and is subject to receipt of applicable regulatory approvals, including approval of the Toronto Stock Exchange.
The net proceeds of the offering will be used to repay the company's existing corporate credit facility in full.
We seek Safe Harbor.