Xebec Announces Increase to Previously Announced Private Placement
MONTREAL, (QC) / TheNewswire / November 9, 2017 - Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of gas generation, purification, and filtration solutions announced today that it has increased the size of the previously announced private placement on November 2, 2017 by $600,000. The Corporation is now finalizing a non-brokered private placement (the “Private Placement”) of 8.0% convertible unsecured debentures of the Corporation (the “Debentures”), maturing twenty-four (24) months from the date of closing of the Private Placement (the “Maturity Date”), for aggregate gross proceeds to the Corporation of up to $1.6 million.
The Corporation shall, at maturity, reimburse the principal amount of the Debentures in cash.
The Debentures may also be converted into Common Shares, at any time prior to the Maturity Date, at the request of a holder of Debentures, at a conversion price of $0.65 per Common Share.
Interest under the Debentures shall be paid at the end of each quarter after the closing of the Private Placement in cash.
The proceeds will be used by Xebec for working capital and general corporate purposes.
The Private Placement is expected to close on November 15, 2017 and is conditional upon the approval of the Exchange.
For more information:
Xebec Adsorption Inc.
Louis Dufour
Chief Financial Officer
+1 (450) 979 8738
ldufour@xebecinc.com
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Its customers range from small to multi-national corporations and governments looking to reduce their carbon footprints. Headquartered in Montreal (QC), Xebec designs, engineers and manufactures innovative and transformative products, and has more than 1,500 customers worldwide. With two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America, Europe, and Asia, Xebec trades on the TSX Venture Exchange under the symbol XBC. For additional information on the company, its products and services, visit Xebec at xebecinc.com
