By Devika Patel
Knoxville, Tenn., March 9 - Kona Grill, Inc. settled a $1.2 million private placement of 10% unsecured subordinated notes on March 6, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note is due Sept. 2, 2009. The company may prepay the principal and interest at any time without penalty.
Investors also received three-year warrants for 10,000 shares per $100,000 in notes, or 120,000 shares. The warrants are exercisable at $2.29.
Proceeds will be used to supplement the company's operating cash flows and fund capital expenditure requirements.
Scottsdale, Ariz.-based Kona is a chain of restaurants.
| Issuer: | Kona Grill, Inc.
|
| Issue: | Unsecured subordinated notes
|
| Amount: | $1.2 million
|
| Maturity: | Sept. 2, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 120,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.29
|
| Settlement date: | March 6
|
| Stock symbol: | Nasdaq: KONA
|
| Stock price: | $1.79 at close March 6
|
| Market capitalization: | $11.9 million
|
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