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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. 

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