By Laura Lutz
Des Moines, June 7 - Cash Technologies, Inc. raised $1.5 million from a private placement of a convertible debenture, stock and warrants with an institutional investor.
The investor received $1.2 million principal amount of a 6% convertible debenture, 375,000 common shares at $0.80 each and warrants for 759,000 additional shares.
The debenture is due June 30, 2010 and is convertible into common shares at $1.05 per share.
Interest on the debenture will be payable in cash or shares at the company's option.
If the interest is paid in shares, they will be priced at 90% of the lesser of the daily volume weighted average price of the company's stock for the five trading days before the payment date and the VWAP of the company's stock for the five trading days before the payment shares are issued.
The warrants are exercisable at $1.75 per share from Dec. 6, 2007 until Dec. 6, 2012.
GunnAllen Financial, Inc. acted as placement agent.
Based in Los Angeles, Cash Technologies develops data processing products for the health care and consumer-finance industries.
| Issuer: | Cash Technologies, Inc.
|
| Issue: | Convertible debenture, stock, warrants
|
| Amount: | $1.5 million
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| Agent: | GunnAllen Financial, Inc.
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| Settlement date: | June 6
|
| Stock symbol: | Amex: TQ
|
| Stock price: | $0.86 at close June 7
|
|
|
| Debenture
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| Amount: | $1.2 million
|
| Maturity: | June 30, 2010
|
| Coupon: | 6%
|
| Price: | Par
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| Yield: | 6%
|
| Conversion price: | $1.05
|
| Warrants: | For 759,000 shares
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| Warrant expiration: | Dec. 6, 2012
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| Warrant strike price: | $1.75
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|
|
| Stock
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| Shares: | 375,000
|
| Price: | $0.80
|
| Warrants: | See above
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