By Devika Patel
Knoxville, Tenn., Oct. 2 - Driftwood Ventures, Inc. settled a $1.4 million loan on Sept. 26, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The investors were Trinad Capital Master Fund, Ltd. and Back Bay LLC, which each invested $500,000, and Sandor Capital Master Fund LP, for $300,000, and John S. Lemak, who invested $100,000.
The loan is evidenced by senior secured convertible promissory notes.
The notes carry a 5% coupon and mature on Sept. 26, 2009.
Trinad and Black Bay each received warrants for 454,545 shares, while Sandor got warrants for 272,727 shares and Lemak received warrants for 90,090 shares.
The warrants are exercisable at $0.01 for five years.
Lake Worth, Fla.-based Driftwood Ventures is a hotel and motel consultant.
| Issuer: | Driftwood Ventures, Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $1.4 million
|
| Maturity: | Sept. 26, 2009
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Warrants: | For 1,271,907 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Investor: | Trinad Capital Master Fund, Ltd. (for $500,000), Back Bay LLC (for $500,000), Sandor Capital Master Fund LP (for $300,000) and John S. Lemak (for $100,000)
|
| Settlement date: | Sept. 26
|
| Stock symbol: | OTCBB: DFTW
|
| Stock price: | $1.70 at close Sept. 26
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
