By Sheri Kasprzak
New York, Jan. 17 - Electronic Control Security Inc. said it settled a private placement of senior secured convertible debentures for $1 million.
The debentures mature on Jan. 11, 2009, bear interest at the greater of 8% or Prime plus 250 basis points and are convertible into shares at $1.15 each.
The investors received warrants for 434,783 shares, exercisable at $2.00 each through Jan. 11, 2009.
Based in Clifton, N.J., Electronic Control manufactures perimeter security systems used by defense and homeland security programs.
| Issuer: | Electronic Control Security Inc.
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| Issue: | Senior secured convertible debentures
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| Amount: | $1 million
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| Maturity: | Jan. 11, 2009
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| Coupon: | The greater of 8% or Prime plus 250 basis points
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| Conversion price: | $1.15
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| Warrants: | For 434,783 shares
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| Warrant expiration: | Jan. 11, 2009
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| Warrant strike price: | $2.00
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| Settlement date: | Jan. 11
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| Stock symbol: | OTCBB: EKCS
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| Stock price: | $1.02 at close Jan. 11
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