Product category:
Instrument Cases, Benchtop and Wall-Mounting Enclosures
News Release from: Inventronics
Edited by the Electronicstalk Editorial
Team on 27 September 2002
Inventronics secures funding
Inventronics has accepted a conditional offer from Mercantile Bancorp to provide $3,500,000 of subordinated debenture financing for a five-year term.
Inventronics has accepted a conditional offer from Mercantile Bancorp under which investment funds managed by Mercantile Bancorp will provide $3,500,000 of subordinated debenture financing to Inventronics for a five-year term In addition to issuing the subordinated debentures, Inventronics will issue 1,715,000 warrants that are exercisable over five years
This article was originally published on Electronicstalk on 2 Jul 2008 at 8.00am (UK)
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Each warrant entitles the funds to purchase one Inventronics common share for $0.40.
Completion of the financing is subject to a number of conditions including, among others, finalisation of due diligence by Mercantile Bancorp, refinancing of senior term debt, completion of appropriate documentation and approval of Inventronics' board of directors.
Acceptance of this conditional offer is a significant step in achieving Inventronics' previously stated objective of strengthening its balance sheet and improving its working capital position.
The transaction is expected to close early in the fourth quarter.
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