|(United States Of America)|
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.
Innovative Composites International
Middle East News
- Media Information: Autefa Solutions announces new agency for the Indian market
- Denimsandjeans India to discuss trend of unisex denim
- RBI keeps repo rate unchanged at 6%
- Maharashtra cabinet approves textile policy for 2018-23
- UAE has the lowest VAT regionally and globally
- Costs rise at sharpest pace for UAE’s private sector businesses
- Budget 2018-19: Customs duty on silk fabric hiked to 20%
- Reduction in tax for MSMEs to benefit TN textile firms
- Budget: TEA hails Rs 7148cr allocation for textile sector
- Indian textile industry hails budget with some scepticism
- Arvind Q3 revenue up 16% at Rs 2,706 crore
- Amazon infuses 1,950 cr fresh capital to India operations
- Indian brand Ekaya at Paris Haute Couture Week
- E-commerce platform for artisans in India's Kashmir
- SRTEPC honours RIL with 5 gold trophies
- Indian economy to grow at 7.3% in FY 2018-19: World Bank
- Wazir Advisors Introduction
- 10 Reasons to Invest in Textile Sector in India
- India’s Standing in Global Textile and Apparel Industry
- India: A Land of Opportunities
- Patterns, images and colors demanded in the Iranian carper markets
- CE certificate or sign on the carpet; Indicator of product quality or inaudible imprint of international clarification
- The classification of textile floorings In terms of fire-taking behavior according to the provisions of European Union
- Remain unknown the place of modern carpet design