Fondaction invests $1.5 million in Ranaz - Vote of confidence from a prime strategic financial partner
Ranaz Corporation ("Ranaz") (TSX-V: RNZ), a company specialized in the manufacturing and marketing of protein and dietary supplements, reports that it has issued today a $1.5 million unsecured convertible debenture to Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l'emploi ("Fondaction"). The five-year debenture bears interest at a rate of 12% per year and is convertible into common shares of Ranaz at $0.96 per share for the first 24 months, after which the conversion price will increase by 10% each subsequent year. Interest will be capitalized in the first year, and the Company benefits from a capital repayment holiday for the first two years.