Endavo Media closes $1.27 million tranche of $3.82 million private placement

By Sheri Kasprzak

Atlanta, Feb. 23 - Endavo Media and Communications Inc. said it has closed the $1,275,000 first tranche of a $3,825,000 private placement.

The company sold secured convertible notes that bear interest at 8% annually and are convertible into common shares at $0.892 each.

The investors will also receive warrants at $1.27 each for five years.

Also, the investors have additional investment rights for up to $2.55 million in principal.

Jennifer Kronstain of the company's investor relations department did not return phone calls Wednesday for additional details on the offering.

H.C. Wainwright & Co., Inc. was the placement agent.

Based in Salt Lake City, Endavo provides internet protocol services for digital entertainment, data and voice products. The proceeds will be used for working capital, to retire debt and for capital expenditures.

The company's stock closed down $0.31 at $1.29 on Wednesday.

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