By Devika Patel
Knoxville, Tenn., Oct. 22 - Enable Holdings, Inc. completed a $2 million private placement of a senior secured debenture on Oct. 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note bears interest at the rate of 18% per annum and is due on Jan. 16, 2009.
The investors also received series A warrants for 10 million common shares, exercisable at $0.20, and series B warrants for 20 million common shares, exercisable at $0.10. The warrants are exercisable until Oct. 16, 2013.
The company used a portion of the proceeds to pay off the outstanding loan balance with Wells Fargo Bank, the remainder of the proceeds will be used for working capital.
Based in Chicago, Enable operates an online marketplace.
| Issuer: | Enable Holdings, Inc.
|
| Issue: | Senior secured debenture
|
| Amount: | $2 million
|
| Maturity: | Jan. 16, 2009
|
| Coupon: | 18%
|
| Price: | Par
|
| Yield: | 18%
|
| Warrants: | For 30 million shares (series A warrants for 10 million shares, series B warrants for 20 million shares)
|
| Warrant expiration: | Oct. 16, 2013
|
| Warrant strike price: | $0.20 (series A), $0.10 (series B)
|
| Settlement date: | Oct. 16
|
| Stock symbol: | OTCBB: ENAB
|
| Stock price: | $0.54 at close Oct. 16
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
