By Devika Patel
Knoxville, Tenn., Nov. 19 - Team Nation Holdings Corp. arranged a $3 million private placement of 14.4% convertible promissory notes on Wednesday, according to an 8-K filed Thursday with the Securities and Exchange Commission. It raised $500,000 at pricing.
The notes will be sold in six tranches of $500,000 apiece over two years. The notes mature on Nov. 18, 2012. They are convertible into common stock at 40% of the lowest trade price in the 20 trading days prior to any conversion.
Team Nation Holdings, based in Newport Beach, Calif., is a management and services company specializing in management solutions for title companies and title production services.
| Issuer: | Team Nation Holdings Corp.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $3 million
|
| Maturity: | Nov. 18, 2012
|
| Coupon: | 14.4%
|
| Price: | Par
|
| Yield: | 14.4%
|
| Conversion price: | 40% of the lowest trade price in the 20 trading days prior to any conversion
|
| Warrants: | No
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 18 (for $500,000)
|
| Stock symbol: | OTCBB: TEMN
|
| Stock price: | $0.04 at close Nov. 18
|
| Market capitalization: | $1.36 million
|
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