New Issue: Firepond raises $3 million from placement of notes, shares

By Laura Lutz

Des Moines, Aug. 7 - Firepond, Inc. received $3 million from a private placement of senior secured subordinated notes and shares.

The company sold $3,337,500 principal amount of the notes at 89.89 per note and 125,000 shares.

Radcliffe SPC, Ltd., the lead investor, received $1,501,875 principal amount of notes and 56,250 shares for a total purchase price of $1.35 million.

The other investors were Wolverine Convertible Arbitrage Fund Trading Ltd., for $600,000; Context Advantage Master Fund LP, for $250,000; Plexus Fund Ltd., for $150,000; JP Morgan Securities, Inc., for $250,000; JMG Capital Partners LP, for $200,000; and JMG Triton Offshore Fund, Ltd., for $200,000.

The 15% notes will mature on May 2, 2008. If the company raises at least $5 million from a placement of equity before that time, the maturity date will be moved to five days after that placement closes.

Based in Newton, Mass., Firepond sells sales management software.

Issuer:	Firepond, Inc.
Issue:	Senior secured subordinated notes and shares
Amount:	$3 million
Investors:	Radcliffe SPC, Ltd. (for $1.35 million); Wolverine Convertible Arbitrage Fund Trading Ltd. (for $600,000); Context Advantage Master Fund LP (for $250,000); Plexus Fund Ltd. (for $150,000); JP Morgan Securities, Inc. (for $250,000); JMG Capital Partners LP (for $200,000); and JMG Triton Offshore Fund, Ltd. (for $200,000)
Settlement date:	Aug. 2
Stock symbol:	OTCBB: FPND
Stock price:	$6.15 at close Aug. 2
Notes
Principal amount:	$3,337,500
Maturity:	May 2, 2008
Coupon:	15%
Price:	89.89
Warrants:	No
Shares
Shares:	125,000
Warrants:	No

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