QUEBEC CITY, July 4, 2012 /CNW Telbec/ - Sigma Industries Inc. ("Sigma" or the "Company") (TSXV: SSG).
Sigma is pleased to announce its completion on June 24 of a private placement of secured convertible debentures for a principal amount of $555,000 $, the debentures being convertible at any time up to maturity on November 10, 2015, in whole or in part, into units of Sigma, each unit consisting of one common share at $0.10 and one warrant for purchase of one common share of Sigma at $0.12 per share, the warrant to be valid for exercise no later than the maturity date of the debentures.
Of this principal amount, $400,000 was purchased by insiders: Mr. Denis Bertrand, Mr. Bruno Doyon and Mr. Jean-François Doré, $55,000 each; Mr. Pierre Massicotte, $125,000; and 9141-3898 Québec Inc. and Les Encres Millénium Inc. / Millenium Ink Inc., $55,000 each.
Neither the debentures nor the shares underlying their conversion or the exercise of the warrants may be sold, transferred, mortgaged or otherwise negotiated before September 25, 2012.
The net proceeds of the placement will be used to increase the working capital of the Company's U.S. subsidiary, RMC USA inc.
In its announcement on May 31, 2012 of conditional approval of this private placement by the TSX Venture Exchange, Sigma erred in stating that the maximum placement would be $585,000, rather than $555,000.
This private placement remains subject to final approval by the TSX Venture Exchange.
ABOUT SIGMA INDUSTRIES
Sigma Industries Inc. (TSX-V: SSG), a manufacturing company specializing in the production of composite and metal components, has four operating subsidiaries and employs close to 475 people. The Company is active in the heavy-duty truck, coach, transit and bus, machinery, agriculture, and wind energy markets. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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