DataWind Announces up to $500,000 Non-Brokered Private Placement

DataWind (TSX:DW) has announced a non-brokered private placement of up to $500,000 by issuing up to 500 units at $1,000 per unit.
As quoted in the press release:

Each Unit will be comprised of (i) $1,000 principal amount of secured convertible debentures of the Company (the “Convertible Debentures“), and (ii) 1,100 common share purchase warrants of the Company (“the Warrants“).
The issue price per Unit is $1,000. The Convertible Debentures shall bear interest at a rate of 12% per annum, payable semi-annually. The Convertible Debentures shall mature on the date that is three years from the date of closing of the financing (the “Maturity Date“). The Convertible Debentures will be secured senior debentures convertible into common shares of the Company at any time prior to the earlier of (i) the close of business on the Maturity Date; (ii) the business day immediately preceding the date specified by the Company or the holder for redemption of the Convertible Debentures at a conversion price of $0.38 per common share.
Each Warrant will entitle the holder to acquire one common share of the Company. Each Warrant is exercisable to purchase one common share of the Company at a price of $0.56 per share for a period of 60 months from the date of closing of the financing.
All securities are subject to a four month hold period. The proceeds from this financing will be used primarily for general corporate purposes and for general working capital.

Click here to read the full press release.