By Devika Patel
Knoxville, Tenn., Feb. 6 - Enterprise Informatics Inc. has negotiated a $1.5 million private placement of a secured promissory note with ERP2 Holdings, LLC, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal settled on Jan. 31.
At closing, Enterprise gave ERP2 a $1.5 million note, which matures Jan. 31, 2010 and carries a coupon of 10%, or 13% in the event of a default. Interest is payable quarterly.
Enterprise received $300,000 at closing and will receive the remaining $1.2 million after it issues warrants to ERP2 for the greater of 26,735,508 common shares or 20% of the fully diluted outstanding common stock on the date of issue. These warrants will be exercisable at $0.08 for 10 years.
San Diego, Calif.-based Enterprise develops, markets and supports eB, its integrated suite of collaborative document, configuration and records management software solutions.
| Issuer: | Enterprise Informatics Inc.
|
| Issue: | Secured promissory note
|
| Amount: | $1.5 million
|
| Maturity: | Jan. 31, 2010
|
| Coupon: | 10%, 13% if in default, payable quarterly
|
| Warrants: | For the greater of 26,735,508 common shares or 20% of the fully diluted outstanding common stock on the date of issue
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.08
|
| Investor: | ERP2 Holdings, LLC
|
| Settlement date: | Jan. 31
|
| Stock symbol: | OTCBB: EPRS
|
| Stock price: | $0.02 at close Jan. 31
|
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