The conversion price is a 84% premium to Mencast's VWAP of 7.6 cents on April 15, before a trading halt was called.
Mencast Holdings shares gained around a fifth on opening this morning with heavy volume after news last Friday that EDIS will potentially become a substantial shareholder following a three-year $3 million convertible bond.
Under terms of the investment, EDIS, or Economic Development Innovations Singapore, can convert the bond into shares at 14 cents each, adding up to 21.43 million shares.
