Private placement approved by TSX Venture Exchange
SAINT-ÉPHREM-DE-BEAUCE, QC, June 12, 2014 /CNW Telbec/ - Sigma Industries Inc. ("Sigma" or the "Company") (TSXV: SSG) announces that following final approval from the TSX Venture Exchange, it is now set to finalize a private placement initially announced in press releases dated March 25, 2014 and April 24, 2014.
This private placement consists of: i) a secured loan of $1,450,000 with a term of eight years, bearing interest at an annual rate of 10% payable quarterly, and convertible, in whole or in part, at any time over the five years following its disbursement, into common shares of Sigma at $0.10 per share, and ii) secured convertible debentures totalling $475,000 with a term of five years bearing interest at an annual rate of 10% payable quarterly, and convertible, in whole or in part, at any time into Sigma common shares at a price of $0.10 per share. A portion of these debentures has been subscribed by insiders.
A first portion of the loan amounting to $400,000 and a first portion of the debentures amounting to $200,000 were received by Sigma on May 15, 2014. A second portion of the loan amounting to $450,000 and a second portion of the debentures amounting to $150,000 were received by Sigma on June 11, 2014. A third and final portion of the loan amounting to $600,000 and a third and final portion of the debentures amounting to $125,000 should be received by Sigma by the end of June 2014.
ABOUT SIGMA INDUSTRIES
Sigma Industries Inc. (TSX-V: SSG), a manufacturing company specializing in the production of composite components, has two operating subsidiaries and employs 400 people. The Company is active in the heavy-duty truck, coach, transit, machinery 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.
SOURCE: SIGMA INDUSTRIES INC.
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Sigma Industries Inc.
President and Chief Executive Officer