By Sheri Kasprzak
Atlanta, April 1 - Dynamic Health Products Inc. said it has completed a private placement for $6 million.
The company sold $2 million in a secured convertible minimum borrowing note and $4 million in a secured revolving note to Laurus Master Fund Ltd.
The notes mature March 29, 2008, bear interest at Prime rate plus 200 basis points with a floor of 6% and are convertible into common shares at $1.13 each.
The minimum borrowing note may be redeemed by Dynamic at 115% of the principal plus interest.
Laurus also received warrants for 750,000 shares at $1.37 each for seven years.
Based in Largo, Fla., Dynamic Health manufactures and distributes non-prescription dietary supplements. The proceeds will be used for the acquisition of Dynamic Marketing Inc. and for working capital.
Convertible note
| Issuer: | Dynamic Health Products Inc.
|
| Issue: | Secured convertible minimum borrowing note
|
| Amount: | $2 million
|
| Maturity: | March 29, 2008
|
| Coupon: | Prime rate plus 200 basis points, 6% floor
|
| Conversion price: | $1.13
|
| Call: | Redeemable at 115% of principal plus interest
|
| Warrants: | For 750,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.37
|
| Investors: | Laurus Master Fund Ltd.
|
| Settlement date: | March 29
|
| Stock price: | $1.65 at close March 29
|
|
|
| Revolving note
|
| Issuer: | Dynamic Health Products Inc.
|
| Issue: | Secured revolving note
|
| Amount: | $4 million
|
| Maturity: | March 29, 2008
|
| Coupon: | Prime rate plus 200 basis points, 6% floor
|
| Conversion price: | $1.13
|
| Warrants: | See above
|
| Investor: | Laurus Master Fund Ltd.
|
| Settlement date: | March 29
|
| Stock price: | $1.65 at close March 29
|
|
|
© 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.
