By Sheri Kasprzak
New York, April 16 - DynTek, Inc. settled a $5 million private placement of junior secured convertible notes.
The notes due April 13, 2012 bear interest at 9% annually if paid in cash and at 13% annually if paid in kind, which is at the company's election for the first three years.
The notes are convertible at $0.175 each.
Based in Irvine, Calif., DynTek provides information technology security, advanced network infrastructure and voice-over-internet protocol infrastructure.
| Issuer: | DynTek, Inc.
|
| Issue: | Junior secured convertible notes
|
| Amount: | $5 million
|
| Maturity: | April 13, 2012
|
| Coupon: | 9% if paid in cash, 13% if PIK
|
| Conversion price: | $0.175
|
| Warrants: | No
|
| Settlement date: | April 13
|
| Stock symbol: | OTCBB: DYNK
|
| Stock price: | $0.145 at close April 13
|
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