|By Marketwired .||
|March 7, 2014 05:33 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 03/07/14 -- Innovative Composites International Inc. (CSE:IC)(OTCQX:ICIZF) ("ICI", or the "Company") is pleased to announce that it has closed a convertible debenture offering in the aggregate principal amount of $383,000 (the "Offering").
The convertible debentures (the "Debentures") have a two year maturity, bear interest at a rate of 7% per annum and are convertible into common shares of the Company at a conversion price equal to $0.01. Debenture holders have been provided with a subordinated first claim over all of the assets of the Company, ranked after security held by senior debentureholders. The Company has the right to prepay the Debentures upon payment of an additional three month's interest, although Debenture holders will have the right to convert should the Company seek to exercise its prepayment rights. Subscribers to the Offering received 1,600 share purchase warrants for every $1,000 of principal subscribed for, each such warrant entitling the holder to purchase one additional common share for a period of two years from the date of issuance at an exercise price of $0.05 per share. A total of 612,800 warrants were issued in connection with the closing of the Offering. The Offering was non-brokered. Proceeds of the Offering will be used for general working capital purposes.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. is a high-tech engineering and manufacturing company whose goal is to utilize its proprietary "green" composite materials and building systems to provide innovative, engineered product solutions to markets that include automotive and transportation, shelters and containers, construction and housing, and industrial applications.
To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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