By Sheri Kasprzak
New York, July 11 - Deep Field Technologies, Inc. completed a $1.3 million private placement of convertible debentures with Cornell Capital Partners, LP.
The 14% debentures are due Jan. 5, 2008 and are convertible into common shares at the lesser of $0.072 each and 80% of the lowest closing bid price for the five trading days before conversion.
The investors received warrants for 20 million shares, exercisable at $0.07 each for five years.
Proceeds will be used for working capital and general corporate purposes.
Deep Field paints and repairs automobiles, and also distributes automobile parts in the People's Republic of China. The company is based in Fort Myers, Fla.
| Issuer: | Deep Field Technologies, Inc.
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| Issue: | Convertible debentures
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| Amount: | $1.3 million
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| Maturity: | Jan. 5, 2008
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| Coupon: | 14%
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| Price: | Par
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| Yield: | 14%
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| Conversion price: | The lesser of $0.072 each and 80% of the lowest closing bid price for the five trading days before conversion
|
| Warrants: | For 20 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.07
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| Settlement date: | July 5
|
| Stock symbol: | OTCBB: DPFD
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| Stock price: | $0.10 at close July 5
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