By Devika Patel
Knoxville, Tenn., Feb. 5 - DPAC Technologies Corp. and its subsidiary, QuaTech, Inc., arranged a $1.2 million private placement of a senior subordinated promissory note and a warrant, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company issued the note to Canal Mezzanine Partners, LP on Jan. 31. It will mature on Jan. 31, 2013.
Interest will accrue on the note at 13%, compounded annually.
In addition, Canal received a warrant to buy 3% of DPAC's common shares.
Hudson, Ohio-based DPAC, through its subsidiary QuaTech, designs, manufactures and sells device connectivity and device networking solutions.
| Issuer: | DPAC Technologies Corp., QuaTech, Inc.
|
| Issue: | Senior subordinated promissory note, warrants
|
| Amount: | $1.2 million
|
| Maturity: | Jan. 31, 2013
|
| Coupon: | 13%
|
| Price: | Par
|
| Yield: | 13%
|
| Warrants: | For 3% of DPAC's common shares
|
| Investor: | Canal Mezzanine Partners, LP
|
| Pricing date: | Jan. 31
|
| Stock symbol: | OTCBB: DPAC
|
| Stock price: | $0.01 at close Jan. 31
|
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