Published on 12/21/2007 in the Prospect News PIPE Daily.
New Issue: EnterConnect raises $4.82 million from sale of convertibles
By Laura Lutz
Des Moines, Dec. 21 - EnterConnect, Inc. settled a $4.82 million private placement of senior secured convertible notes and warrants with institutional investors, according to an 8-K filing with the Securities and Exchange Commission.
The notes mature on Dec. 20, 2010 and bear interest at 10% per year. They are convertible into 8,038,333 shares.
The investors also received warrants for 8,038,333 shares, exercisable at $0.80 per share for five years.
Worldwide Gateway Co., Ltd. acted as agent.
Based in San Jose, Calif., EnterConnect produces portal software for businesses. The company said its stock recently began trading on the OTC Bulletin Board under the symbol "ECNI."
Issuer: | EnterConnect, Inc.
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Issue: | Senior secured convertible notes
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Amount: | $4,823,000
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Maturity: | Dec. 20, 2010
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Conversion ratio: | Into 8,038,333 shares
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Warrants: | For 8,038,333
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Warrant expiration: | Five years
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Warrant strike price: | $0.80
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Agent: | Worldwide Gateway Co., Ltd.
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Settlement date: | Dec. 20
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Stock symbol: | OTCBB: ECNI
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Stock price: | $0.95 at close Dec. 20
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