Innovative Composites International Inc. is pleased to announce that it has increased its previously announced subsequent tranche offering of convertible debentures (the "Debentures") for an additional principal amount of up to $1.15 million.
On September 5, 2013, the Company issued $2,016,875 principal amount of Debentures, while indicating that it was seeking to complete an additional tranche offering of Debentures for additional gross proceeds of up to $983,125.
Including Debentures issued pursuant to the first tranche closing, and assuming completion of this second tranche, the Company will have issued an aggregate of $3,166,875 principal amount of Debentures. It is anticipated that the second tranche will close on or about October 8, 2013.
With the objective of preserving cash to fund ongoing business objectives and in light of the Company's current working capital position, approximately $1 million of the second tranche debentures will be issued in satisfaction of existing debts of the Company, with the balance being subscribed for with cash proceeds. Cash proceeds of the second tranche will be used for general working capital purposes.
