By Sheri Kasprzak
New York, May 3 - Digital Recorders, Inc. has completed a $1.6 million private placement of a term note.
The 10% note was purchased by Laurus Master Fund, Ltd. and is due in one year.
The investor received warrants for 80,000 shares, exercisable at $2.00 each for seven years.
Proceeds will be used for general corporate purposes.
Dallas-based Digital Recorders provides software and hardware used in the transportation, law enforcement and security digital communication systems sectors.
| Issuer: | Digital Recorders, Inc.
|
| Issue: | Term note
|
| Amount: | $1.6 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 80,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $2.00
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | May 3
|
| Stock symbol: | Nasdaq: TBUS
|
| Stock price: | $1.33 at close May 3
|
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