Innovative Composites International Inc. announced that it has received CAD 3.4 million in funding.
On September 5, 2013, the company closed the first tranche of the transaction. The company received CAD 2,016,875 in the tranche. The tranche included participation from Dennis Woods for CAD 1,049,000. The debentures will be convertible into common shares of the company at a conversion price of CAD 0.03 per share. The company has the right to prepay the debentures upon payment of an additional three month's interest. The company issued 3,227,000 warrants in connection with the first tranche of the transaction. The company expects to close an additional tranche for maximum gross proceeds of CAD 983,125 before the end of September 2013. The insiders of the company invested CAD 350,000 in the tranche.
On October 8, 2013, the company announced that it has amended the terms of the transaction. The company has increased in the size of the transaction to an aggregate of CAD 3,200,000.
On same date, the company closed the second tranche of the transaction. The company received CAD 1,129,000 in the tranche. The company also issued 1,806,400 Warrants in connection with second tranche. The company received total proceeds of CAD 3,145,875 and issued total of 5,033,400 warrants in the transaction. Finder's fees equal to 3% of proceeds were paid to certain arm's length third parties.
On January 31, 2014, Innovative Composites International Inc. closed the transaction. The company received an additional CAD 258,000 in the transaction and issued 412,800 warrants. The company has received a total of CAD 3,403,875 in the transaction. The insiders of the company invested CAD 170,000 in the round.