TENTH POWER CLOSES CONVERTIBLE DEBENTURE FINANCING
TSX Venture Exchange Trading Symbol - TPI
17,343,628 shares outstanding
TORONTO, Nov. 18 /CNW/ - Tenth Power Technologies Corp. ("TPI") announced today that a non-brokered Convertible Secured Debenture to raise gross proceeds of $550,000 has closed. The Debentures will be governed by debenture certificates to be dated as of the closing date, October 31, 2010, and will not be listed for trading on the TSX Venture Exchange or any other public market.
The Debentures will mature, unless earlier converted into Debenture Units, on October 31, 2013 and will bear interest of 9% per annum calculated and payable semi annually in arrears from the closing date.
Each Debenture will be convertible at the holder's option at any time from the closing date to maturity at $0.20 per Common Share.
The Company will have the option to redeem the Debentures at par plus accrued and unpaid interest at any time by providing notice not less than 30 days and not more than 60 days of its intent to redeem.
All securities issued in connection with the debenture are subject to a resale restriction for a period of four (4) months from the date of issue.
ABOUT TENTH POWER TECHNOLOGIES CORPORATION
Tenth Power Technologies Corporation is a Canadian based-technology and solutions company. Tenth Power supplies secure business solutions to clients in the telecommunications, financial services, manufacturing, government and health care sectors. TPTC augments proprietary software with product licensing and strategic acquisition of industry-leading services, to design solutions that safeguard information and electronic communications. The suite of products includes identity and signature authentication, Internet security, safe communication platforms and a secured collaboration environment. TPTC also provides IT security consulting and managed services. The corporate office is located in Toronto, Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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For further information:
Guy Burry, Tel: 416-920-2010 Ext 159
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