New York, June 30 - Engima Software Group, Inc. said it completed a $1 million sale of secured convertible debentures with Dutchess Private Equities Fund, LP and Dutchess Private Equities Fund, II, LP.
Enigma received half the proceeds at closing and will receive the remainder immediately before it files a registration statement with the Securities and Exchange Commission for the stock to be issued on conversion.
The debentures pay interest at 12%, mature in June 2011 and convert at the lesser of $0.07 and 75% of the lowest closing bid price of its stock during the 20 trading days immediately preceding a notice of conversion.
"This financing, along with our recent restructuring of the company should resolve our liquidity crisis in the near term," commented executive chairman Colorado Stark in a news release.
Enigma Software is a Stamford, Conn., maker of software for the consumer market, notably the SpyHunter anti-spyware product.
| Issuer: | Enigma Software Group, Inc.
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| Issue: | Secured convertible debentures
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| Amount: | $1 million
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| Maturity: | June 2011
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| Coupon: | 12%
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| Conversion price: | Lesser of $0.07 and 75% of the lowest closing bid price of its stock during the 20 trading days immediately preceding a notice of conversion
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| Warrants: | No
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| Investor: | Dutchess Private Equities Fund, LP and Dutchess Private Equities Fund, II, LP
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| Settlement date: | June 28
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| Stock symbol: | OTC Bulletin Board: ENGM
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| Stock price: | $0.05 at close June 23 (last trade)
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