By Sheri Kasprzak
Atlanta, April 11 - TNX Television Holdings Inc. raised $2,312,500 in a private placement of convertible debentures. The principal on the debentures is $2,752,976.
The zero-coupon debentures were priced at 84 to yield 8% and were sold to 12 of its series A preferred stock holders.
The debentures mature in two years and are convertible into common shares at $0.11 each.
The investors also received warrants for 21,022,727 shares, exercisable at $0.30 each through April 6, 2008.
For each investor who buys a certain amount of debentures and warrants equal to or greater than its series A threshold investment amount, the investor can exchange up to all of its preferred shares for an equal number of series A-1 preferred stock. The series A-1 preferreds have the same terms as the series A preferreds, except that they are convertible into common shares at $0.11 each.
Based in Philadelphia, TNX provides and manages content for onboard television systems for commuter trains.
| Issuer: | TNX Television Holdings Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $2,752,976
|
| Proceeds: | $2,312,500
|
| Maturity: | Two years
|
| Coupon: | 0%
|
| Price: | 84
|
| Yield: | 8%
|
| Conversion price: | $0.11
|
| Warrants: | For 21,022,727 shares
|
| Warrant expiration: | April 6, 2008
|
| Warrant strike price: | $0.30
|
| Settlement date: | April 6
|
| Stock price: | $0.10 at close April 6
|
|
|
© 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.
