By Sheri Kasprzak
New York, July 29 - Epixtar Corp. said it has completed a private placement of a $6.2 million convertible term note with Laurus Master Fund, Ltd.
The latest investment brings Laurus' holdings in Epixtar to $8,199,000 in convertible debt.
The note bears interest at 10% annually and is convertible into common shares at $1.00 each.
The note may be prepaid at any time at 100% of the outstanding principal plus interest. The note is secured by the assets of Epixtar's subsidiary Voxx Corp.
The proceeds from the offering will be used for working capital and the build-out of the company's Philippines-based call center.
Based in Miami, Epixtar provides business-process outsourcing services via the internet.
| Issuer: | Epixtar Corp.
|
| Issue: | Convertible term note
|
| Amount: | $6.2 million
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.00
|
| Call: | May be prepaid at any time at 100% of principal plus interest
|
| Warrants: | No
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | July 15
|
| Stock price: | $0.28 at close July 15
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
