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Trenchant Capital closes initial tranche of debenture offering

Trenchant Capital Corp. closed the initial tranche of its prospectus offering of 5,659 8.0% series B secured convertible debentures, raising gross proceeds of C$5.7 million.

The debentures were priced at C$1,000 apiece. They will mature Jan. 31, 2023, and their outstanding principal will bear interest at the rate of 8.0% per annum, payable quarterly in cash. Starting March 23, 2019, the debentures' outstanding principal amount may be converted, at the holder's option, into common shares of the company.

Trenchant intends to apply to list the debentures on the TSX Venture Exchange, if there is a sufficient number of holders to meet the exchange's distribution requirements.

The syndicate for the offering is led by Canaccord Genuity Corp. and Industrial Alliance Securities Inc. as co-lead agents, together with Raymond James Ltd., GMP Securities LP, PI Financial Corp., Echelon Wealth Partners Inc., Integral Wealth Securities Ltd., Hampton Securities Ltd. and Mackie Research Capital Corp., as agents.

The company invested C$5.7 million in ABO Investments LP, which is related to Hillcore Group. The outstanding principal of this investment will bear interest at the rate of 10.0% per annum payable quarterly in cash and payable on the maturity date of Jan. 27, 2023. Trenchant also made a loan in the principal amount of C$1.5 million to ABO Investments.