By Sheri Kasprzak
New York, Sept. 25 - Ecuity, Inc. reissued $2,921,192 in secured convertible notes to Cornell Capital Partners, LP.
The amended debenture was reissued to consolidate the outstanding amounts of principal on the prior funding plus interest as of March 30.
The 6% debentures are due in two years and are convertible into common shares at the lesser of $0.00713 or 80% of the lowest closing bid price for the 30 trading days before conversion.
The debentures may be redeemed at any time at 120% of principal plus interest.
The debentures were originally issued Aug. 25, 2006.
Ecuity, based in Seattle, is a telecommunications carrier.
| Issuer: | Ecuity, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $2,921,192
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | The lesser of $0.00713 or 80% of the lowest closing bid price for 30 trading days before conversion
|
| Warrants: | No
|
| Investor: | Cornell Capital Partners, LP
|
| Reissue date: | Sept. 7
|
| Stock symbol: | OTCBB: ECUI
|
| Stock price: | $0.0035 at close Sept. 7
|
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