By Sheri Kasprzak
New York, July 12 - Dynamic Leisure Corp. completed the first tranche of a $2.4 million private placement for $700,000.
The 12% debentures are due in two years and are convertible into common shares at the lesser of the volume weighted average price of the company's stock as of June 29, 2007 or 80% of the lowest daily closing price for the five trading days before conversion.
Dynamic may redeem the debentures at 120% of the principal and unpaid interest.
Trafalgar Capital Specialized Investment Fund was the investor.
The investor received warrants for 3 million shares, exercisable at 85% of the fixed conversion price per share. The warrants are exercisable for five years.
Based in Tampa, Fla., Dynamic Leisure is an online travel package provider.
| Issuer: | Dynamic Leisure Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $700,000
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | The VWAP of the company's stock as of June 29, 2007 and 80% of the lowest daily closing price for the five trading days before conversion
|
| Call: | Redeemable at 120% of principal plus interest
|
| Warrants: | For 3 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 85% of the fixed conversion price
|
| Settlement date: | July 11
|
| Stock symbol: | OTCBB: DYLI
|
| Stock price: | $0.57 at close July 11
|
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