Unisphere Waste Conversion Ltd. has reached an agreement with Westwind Partners Inc. with respect to a private placement, on a best efforts basis, of up to $11,000,000 of 10% convertible secured debentures of Unisphere. The debentures will mature in three years.
The proceeds from the private placement will be used to complete the following: acquire all of the common shares of Wellington Polymer Technology Inc.; to retire certain debt of Wellington Polymer and add a second Enviroshake production line, to retire Unisphere indebtedness owed to Quest Capital Corp.; and for working capital purposes, fees and expenses.
The acquisition of Wellington Polymer is anticipated to close by the end of this month.
Unisphere signed a letter of intent to acquire Wellington Polymer, a manufacturer of an alternative roofing product that is made from recycled tires and other waste streams. The production plant is located in Chatham, Ontario.
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