By Sheri Kasprzak
New York, Dec. 11 - Diamond Entertainment Corp. completed a private placement for $2.3 million.
The deal will settle in two tranches. The first, for $1.15 million, closed already, and the remaining $1.15 million will be funded after the registration statement is declared effective.
The 12% notes are convertible into common shares at $0.015 each and are due Nov. 30, 2008.
The investors will receive warrants for 38,333,333 shares, exercisable at $0.015 each.
The investors include Longview Fund, LP and Alpha Capital Anstalt.
Proceeds will be used to repay an $850,000 loan to Africa (Ethiopia) plc. The rest will be used for working capital.
Based in Walnut, Calif., Diamond Entertainment distributes DVDs and home videos.
| Issuer: | Diamond Entertainment Corp.
|
| Issue: | Convertible notes
|
| Amount: | $2.3 million
|
| Maturity: | Nov. 30, 2008
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.015
|
| Warrants: | For 38,333,333 shares
|
| Warrant strike price: | $0.015
|
| Investors: | Longview Fund, LP, Alpha Capital Anstalt
|
| Settlement date: | Nov. 30
|
| Stock symbol: | OTCBB: DMEC
|
| Stock price: | $0.013 at close Nov. 30
|
© 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.
