By Sheri Kasprzak
New York, Nov. 28 - E-centives, Inc. said it has completed a private placement of a convertible promissory note for $3 million.
The 10% note matures on Nov. 21, 2007 and is convertible into shares of series C preferred stock at $4.00 each.
The note was purchased by US Venture 05, Inc.
Based in Bethesda, Md., E-centives develops software for direct marketing, e-mail promotions and other advertising initiatives.
| Issuer: | E-centives, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $3 million
|
| Maturity: | Nov. 21, 2007
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $4.00 (into series C preferreds)
|
| Warrants: | No
|
| Investor: | US Venture 05, Inc.
|
| Settlement date: | Nov. 18
|
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