Placement offers 10% convertibles with two kinds of five-year warrants
By Devika Patel
Knoxville, Tenn., Nov. 24 - Enter Corp. settled a private placement of 10% convertible promissory notes on Nov. 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It raised $3 million.
Each note is due in two years and is convertible into common shares at $0.40 per share.
Investors also received five-year warrants for 15 million shares, half of which are class A warrants, which are each exercisable at $0.60, and the remainder of which are class B warrants, each exercisable at $1.20.
Enter grows vegetables and other crops in Georgia. The private company is based in D.N. Emek Sorek, Israel.
| Issuer: | Enter Corp.
|
| Issue: | Convertible promissory notes
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| Amount: | $3 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.40
|
| Warrants: | For 15 million shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60 (for 7.5 million shares), $1.20 (for 7.5 million shares)
|
| Settlement date: | Nov. 24
|
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