By Sheri Kasprzak
New York, March 27 - Directview, Inc. said it settled a $1,212,329 private placement of convertible debentures.
The secured debentures were purchased by Highgate House Funds, Ltd. and Cornell Capital Partners, LP.
The 10% debentures mature March 23, 2009 and are convertible into shares at the lesser of $0.015 each or 85% of the lowest closing bid price for the 10 trading days before conversion.
The investors also received warrants for 409 million shares, exercisable at $0.035 each for five years.
Based in Boca Raton, Fla., Directview develops and products videoconferencing products and services.
| Issuer: | Directview, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $1,212,329
|
| Maturity: | March 23, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.015 or 85% of the lowest closing bid price for the 10 trading days before conversion
|
| Warrants: | For 409 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.035
|
| Investors: | Highgate House Funds, Ltd., Cornell Capital Partners, LP
|
| Settlement date: | March 23
|
| Stock symbol: | OTCBB: DRVW
|
| Stock price: | $0.003 at close March 23
|
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