Innovative Composites International Inc. (OTCPK:ICIZ.F) announced a non-brokered private placement of convertible debentures for gross proceeds of CAD 383,000 on March 7, 2014. The debentures will carry an interest rate of 7% per annum and will mature after two years from the date of issue. The debentures will be convertible into the common shares of the company at CAD 0.01 per share.

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. The company also issued 1,600 warrants for every CAD 1,000 principal value of debentures subscribed for. The company issued 612,800 warrants in total.

Each such warrant is exercisable at CAD 0.05 per share for a period of two years.