| Home : April 2011 : April 28, 2011 News : Tricaster Holdings Inc. Acquires Convertible Debenture of Semcan Inc. |
Tricaster Holdings Inc. Acquires Convertible Debenture of Semcan Inc. |
April 28, 2011
TORONTO, ONTARIO--(Marketwire - April 28, 2011) - Tricaster Holdings Inc., (the "Investor") announces that it acquired a convertible debenture (the "Debenture") of Semcan Inc. ("Semcan") in the principal amount of $755,000 on April 14, 2011 in connection with the first tranche of a private placement financing by Semcan for gross proceeds of $2,014,520. The Investor is an accredited investor pursuant to section 2.3 of National Instrument 45-106. The Debenture is convertible at the option of the Investor into units (the "Units") at a price of $0.14 per Unit. Each Unit is comprised of one (1) common share and one half (1/2) of a common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant shall entitle the Investor to acquire one (1) common share of Semcan at an exercise price of $0.14 per share for a period of thirty-six (36) months. Following such transaction, the Investor is deemed to have post-conversion beneficial ownership of 5,537,911 common shares (5,392,857 common shares pursuant to this transaction and 145,054 common shares held by the Investor prior to this transaction) which would represent 17.82% of the issued and outstanding common shares on a partially-diluted basis. Assuming conversion of the Debenture and exercise of the 2,696,429 Warrants owned by the Investor pursuant to this transaction, the Investor would own 24.38% of the issued and outstanding common shares on a partially-diluted basis.
http://www.marketwire.com/mw/release.do?id=1507934&sourceType=3
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