Sherbrook SBK Sport Corp. has closed a second tranche of its non-brokered private placement of a debenture in the amount of $25,000 and 208,333 common share purchase warrants.
The Debenture bears interest at an annual rate of 13%, matures 12 months after its issuance and is convertible at the holder's option into common shares of SBK at a price of Canadian 12 cents per Share. Each warrant grants its holder the right to subscribe for one share at a price of C15 cents a Share for a period of 12 months following its issuance.
The debenture, the warrants, the shares issuable upon conversion of the debenture and the shares issuable upon exercise of the warrants are all subject to a four-month hold period.
This tranche of the private placement remains subject to the final approval of the TSX Venture Exchange.
SBK also announces that the shares issued under its private placement announced on September 10, 2010 were issued at a price of $0.10 each (for a total of $75,000) and that the number of warrants issued under that private placement was 375,000 and not 750,000.
Founded in late 2008, SBK is a Quebec-based company offering a complete line of player and goaltender hockey sticks and protective equipment.
