By Laura Lutz
Des Moines, Sept. 12 - Execute Sports, Inc. closed a $6 million private placement of a convertible debenture with Dutchess Private Equities Fund, Ltd., according to an 8-K filing with the Securities and Exchange Commission.
Dutchess also received a warrant for 6,000,000 shares, exercisable at $0.02 per share for five years.
The debenture bears interest at 12% per year and matures on Aug. 23, 2012. Interest will be payable monthly.
The conversion price will be 75% of the lowest closing bid price of the company's stock during the 20 trading days before any conversion notice, subject to a cap of $0.02.
Execute may repay the debenture at any time without penalty.
Based in Laguna Nigel, Calif., Execute produces clothing and accessories for snow and water sports.
| Issuer: | Execute Sports, Inc.
|
| Issue: | Convertible debenture
|
| Amount: | $6 million
|
| Maturity: | Aug. 23, 2012
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | 75% of the lowest closing bid price of the company's stock during 20 trading days before conversion, capped at $0.02
|
| Investor: | Dutchess Private Equities Fund, Ltd.
|
| Settlement date: | Aug. 23
|
| Stock symbol: | OTCBB: EXCS
|
| Stock price: | $0.02 at close Sept. 12
|
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