- Water Ways Technologies (WWT) has closed a private placement of 746 convertible debenture units
- The convertible debenture units were offered at $1,000 per CD unit, for gross proceeds of C$746,000
- The convertible debentures shall bear an annual interest rate of 8 per cent payable quarterly in cash only
- Water Ways Technologies Inc is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers
- Water Ways Technologies Inc. (WWT) is up 2.56 per cent, trading at $0.20 at 10:02 AM ET
Water Ways Technologies (WWT) has closed its previously announced private placement of 746 convertible debenture units.
The convertible debenture units were offered at C$1,000 per CD unit, for gross proceeds of C$746,000.
Each CD unit is made up of one unsecured convertible debenture with a principal amount of $1,000 and 2,857 common share purchase warrants with each CD warrant exercisable, upon payment of an additional $0.45, into one additional common share in the capital of the company until July 22, 2024.
The company will issue 2,131,429 CD warrants.
If the company does not repay the subscription price on or before July 22, 2024, the term will be extended by an additional 12 months.
For that, the company will be required to pay a one-time penalty, in cash only, equal to 10 per cent of any amounts of the subscription price that were outstanding and not repaid at the end of the term.
The convertible debentures shall bear an annual interest rate of 8 per cent payable quarterly in cash only.
“For us, this is a non-dilutive structure to raise capital at this challenging climate, and the funds raised will assist us in financing our imminent M&A strategy,” said Ohad Haber, CEO of Water Ways.
Water Ways Technologies Inc, through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers.
Water Ways Technologies Inc. (WWT) is up 2.56 per cent, trading at $0.20 at 10:02 AM ET.
