Convertible promissory note due Aug. 25, 2016 will fund debt repayment
By Devika Patel
Knoxville, Tenn., Dec. 1 – Communication Intelligence Corp. sold $1 million of unsecured convertible promissory notes on Nov. 25, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 24% note is due Aug. 25, 2016 and may be converted into securities.
Investors will also receive warrants for 30,181,797 shares.
Proceeds will be used for debt repayment, working capital and general corporate purposes.
The supplier of electronic signature services for business process automation and in biometric signature verification technology is based in Redwood Shores, Calif.
| Issuer: | Communication Intelligence Corp.
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| Issue: | Unsecured convertible promissory notes
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| Amount: | $1 million
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| Maturity: | Aug. 25, 2016
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| Coupon: | 24%
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| Warrants: | For 30,181,797 shares
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| Settlement date: | Nov. 25
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| Stock symbol: | OTCBB: CICI
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| Stock price: | $0.01 at close Nov. 24
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| Market capitalization: | $1.43 million
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