By Sheri Kasprzak
New York, March 2 - CDKNet.com, Inc. said it has pocketed another $500,000 from its ongoing convertible debenture offering, bringing to $2,875,884 the total proceeds raised so far.
Bushido Capital Master Fund, LP bought the 6% debentures, which are due Dec. 28, 2008.
The debentures are convertible into common shares at $0.85 each.
The investors received warrants for 235,294 shares, exercisable at $1.00 each for five years.
The company issued $2 million of the debentures on Jan. 3 and another $375,884 in principal of the debentures on Feb. 1.
The proceeds will be used for working capital.
Based in North Plainfield, N.J., CDKNet.com is a holding company for Arkados Inc., which develops system-on-chip semiconductors used in consumer entertainment and computer devices.
| Issuer: | CDKNet.com, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $500,000
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| Maturity: | Dec. 28, 2008
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.85
|
| Warrants: | For 235,294 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Investors: | Bushido Capital Master Fund, LP
|
| Settlement date: | Feb. 24
|
| Stock symbol: | OTCBB: CDKN
|
| Stock price: | $0.61 at close Feb. 24
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