Artisan Energy Corp. (TSXV: AEC.V) undertook a nonbrokered private placement, of up to $5 million, of secured convertible debentures, the company said April 23.
Artisan undertook the placement with a group that has participated in other nonbrokered private placements, the company said.
The private placement is scheduled to close May 31, Artisan added.
The debentures have a three-year term, will bear interest at 9% annually and can be converted into common shares at any time, the company said.
Proceeds will fund working capital deficiency and support some operations, the company ...