By Sheri Kasprzak
New York, Feb. 24 - Dalrada Financial Corp. said it has completed a private placement of convertible notes for $5 million.
The investors included Longview Fund, LP; Longview International Equity Fund, LP; and Longview Equity Fund, LP.
The two-year notes bear interest at 15% annually and are convertible into common shares at a price equal to 75% of the applicable market price at the time of conversion.
The investors received warrants for 1,352,000 shares, exercisable at $0.005 each for seven years.
Connected to the offering, some of Dalrada's convertible noteholders exchanged their notes plus interest and penalties for new notes with the same terms. Those notes total $2,545,093. Those noteholders include Longview Fund, LP; Alpha Capital AG; Balmore SA; and Howard Schraub.
Based in San Diego, Dalrada is a staffing company.
New notes
| Issuer: | Dalrada Financial Corp.
|
| Issue: | Convertible notes
|
| Amount: | $5 million
|
| Maturity: | Two years
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | Equal to 75% of the applicable market price at conversion
|
| Warrants: | For 1,352,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.005
|
| Investors: | Longview Fund, LP; Longview International Equity Fund, LP; and Longview Equity Fund, LP
|
| Settlement date: | Feb. 13
|
| Stock symbol: | OTCBB: DRDF
|
| Stock price: | $0.005 at close Feb. 13
|
|
|
| Exchange notes
|
| Issuer: | Dalrada Financial Corp.
|
| Issue: | Convertible notes
|
| Amount: | $2,545,093
|
| Maturity: | Two years
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | Equal to 75% of the applicable market price at conversion
|
| Warrants: | No
|
| Investors: | Longview Fund, LP; Alpha Capital AG; Balmore SA; and Howard Schraub
|
| Settlement date: | Feb. 13
|
| Stock symbol: | OTCBB: DRDF
|
| Stock price: | $0.005 at close Feb. 13
|
|
|
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