Sign up USA
Proactive Investors - Run By Investors For Investors

DealNet Capital boosts convertible debenture offering to $2.25 mln, closes additional tranche

DealNet Capital boosts convertible debenture offering to $2.25 mln, closes additional tranche

Toronto, Ontario-based DealNet Capital Corp. (CNSX:DLS) says it has closed an additional $258,000 tranche of its non-brokered convertible unsecured debentures offering, for total proceeds of more than $2 million. 

The company, based on high demand, increased the offering from $2 million to $2.25 million, made under the same terms announced initially. 

The debentures will mature three years from their date of issuance, and bear interest at a rate of 12% per year, which will be paid quarterly.  They can be converted into common shares of the company, at a conversion rate of 20 cents per share, at any time before the earlier of the maturity or redemption date. 

DealNet has recently focused its investments towards the thriving North American Business Process Outsourcing (BPO) market, as well as the consumer financing market by leveraging its recently acquired BPO division. Its One Dealer subsidiary provides a full suite of services and financing solutions for heating, ventilation and air conditioning (HVAC) dealers and their customers, underpinned by the controls and processes of DealNet's BPO unit to serve its own consumer financing customers. 

The company has grown to close to 200 employees with a backlog exceeding $30 million, according to the statement.

Earlier this month, DealNet's Graham Simmonds stepped down as chief executive officer with Bob Cariglia, who has been president of DealNet Capital since Sept. 4, 2012, taking his place. 

View full DLS profile View Profile

DealNet Capital Corp Timeline

Related Articles

Merger
October 11 2017
"It will empower us to benefit from increased scale, enhance our product proposition and leverage operational efficiencies to attract more clients, and significantly increase our AUM."

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use