By Sheri Kasprzak
New York, March 8 - Essential Innovations Technology Corp. said it entered into an agreement with Laurus Master Fund Ltd. for a $2 million term note and a $4 million secured revolving note.
The term note bears interest at Prime plus 300 basis points with an 8% floor and matures in three years.
The revolving note bears interest at Prime plus 200 bps with an 8% floor and matures in three years.
Laurus will also receive warrants for 8,586,754 shares, exercisable at $0.001 each through 2050.
Based in Bellingham, Wash., Essential Innovations develops water treatment technologies.
| Issuer: | Essential Innovations Technology Corp.
|
| Issue: | Term note
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| Amount: | $2 million
|
| Maturity: | Three years
|
| Coupon: | Prime plus 300 basis points, 8% floor
|
| Warrants: | For 8,586,754 shares
|
| Warrant expiration: | 2050
|
| Warrant strike price: | $0.001
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | March 2
|
| Stock symbol: | OTCBB: ESIV
|
| Stock price: | $0.53 at close March 2
|
|
|
| Issuer: | Essential Innovations Technology Corp.
|
| Issue: | Secured revolving note
|
| Amount: | $4 million
|
| Maturity: | Three years
|
| Coupon: | Prime plus 200 basis points, 8% floor
|
| Warrants: | See term note
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | March 2
|
| Stock symbol: | OTCBB: ESIV
|
| Stock price: | $0.53 at close March 2
|
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