By Devika Patel
Knoxville, Tenn., Aug. 26 - Espre Solutions, Inc. settled a $5 million private placement of 6% convertible promissory notes with Dalcor, Inc. on Aug. 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Dalcor may elect to convert the note into series C preferred shares at $1.00 per preferred.
Interest will be paid in cash or, at Dalcor's option, in common shares.
The first three months of interest were prepaid upon closing the deal.
Espre Solutions is a Dallas-based video media solutions and technology company.
| Issuer: | Espre Solutions, Inc.
|
| Issue: | Convertible promissory notes, convertible into series C preferreds
|
| Amount: | $5 million
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Investor: | Dalcor, Inc.
|
| Settlement date: | Aug. 20
|
| Stock symbol: | OTCBB: EPRT
|
| Stock price: | $0.06 at close Aug. 20
|
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