If the bond is to be converted into shares, the conversion shares will be issued at 90% of the weighted average trading price of VibroPower shares in the last preceeding 30 market days.
Interra Resources and VibroPower Corp have formed a joint venture to build a solar farm in Sabah, Malaysia for $3 million. As part of this deal, Interra Resources will subscribe for a $1.5 million convertible bond to be issued by VibroPower.
The bond, which is for a three-year term, carries an interest rate of 8.5%.
