TORONTO, ON / ACCESSWIRE / October 29, 2020 / IC Capitalight Corp. (CSE:IC) ("Capitalight" or "the Company"), announces it has reached agreements for the acquisition of additional debenture units of Stone Investment Group Limited [CUSIP 861649AA] ("Stone Debentures") at a price of $450 per debenture unit.
Capitalight is the largest known holder of Stone Debentures and currently owns 2,529 debenture units. Once the new acquisitions are completed, Capitalight is expected to own 2,844 debenture units with a total par value of $2,844,000 representing approximately 23.7% of the total debenture units issued by Stone Investment Group Limited.
The Company has been completing acquisitions of Stone Debentures since acquiring its initial investment position in 2019. The most recent acquisition was completed on September 24, 2020 when the Company acquired 300 debenture units. All purchases completed in 2020 were made from arms-length third party sellers via IIROC registrant firms on the same terms.
Each debenture unit consists of a $1,000 debenture and 600 common share purchase warrants exercisable at $0.68 per common share until maturity of the debenture. The debentures pay 7.5% interest per annum, payable in cash on a quarterly basis, and mature on December 28, 2021. Additional deferred interest will be paid to the holders at maturity of the debentures.
Capitalight intends to pursue further acquisitions of Stone Debentures on the same terms.
ABOUT IC CAPITALIGHT CORP.
The Company operates as a merchant bank that pursues value-based investment opportunities in accordance with its internal investment policies. The investment portfolio, consisting primarily of Stone Debentures, is generating positive operating cash flows on a quarterly basis. The Murenbeeld subsidiary, which operates a proprietary subscription research business focused on the gold and silver sectors and on Canadian preferred shares is generating recurring revenues. The portfolio of mineral exploration properties, consisting of the Blue Lake Cu-Ni-Pt-Pd and Ashuanipi Gold properties, are at an early stage of exploration.
SOURCE: IC Capitalight Corp.