Xebec Closes Approx. $2 Million Private Placement
MONTREAL, (QC) / TheNewswire / November 16, 2017 - Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of gas generation, purification, and filtration solutions for the industrial, energy and renewables marketplace, announces the closing of a non-brokered private placement (the “Private Placement”) of 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 $2,024,149.
The Debentures will bear interest at a rate of 8% per annum payable in cash at the end of each quarter after the closing of the Private Placement. The Corporation shall, at maturity, reimburse the principal amount of the Debentures in cash. The Debentures may be converted into common shares of the Corporation (the “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.
The Corporation paid a cash commission equal to 5.0% of the gross proceeds of the Private Placement to finders having introduced certain subscribers to the Corporation.
The net proceeds of the Private Placement will be used by Xebec for working capital and general corporate purposes.
The Debentures acquired by the subscribers are subject to a hold period of four months plus one day from the date of closing of the Private Placement, except as permitted by applicable securities legislation and the rules of TSX Venture Exchange.
The TSX Venture Exchange has conditionally approved the Private Placement.
For more information:
Xebec Adsorption Inc.
Sandi Murphy
Marketing & Communication Manager
+1 (450) 9798718 smurphy@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 .
