By Laura Lutz
Des Moines, Dec. 7 - Foldera, Inc. arranged a $7 million private placement of senior secured convertible debentures with investor Vision Master Fund, Ltd., according to a news release.
Foldera received $1 million at an initial closing on Wednesday, and an additional $1 million will be available after 30 days. Another $500,000 will be available every 30 days thereafter for the next 10 months.
Each drawdown will be made available at Vision's discretion.
The debenture will bear interest at 8% per year, payable quarterly. It will be convertible at $0.15 per share at any time.
Vision will also receive warrants for up to 20 million shares, based proportionally on the drawdowns actually made. The warrants have a strike price of $0.35.
The initial closing included a warrant for 2,857,143 shares.
HPC Capital Management Corp. was the sole placement agent.
Based in Huntington Beach, Fla., Foldera provides software for information organization and collaboration.
| Issuer: | Foldera, Inc.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $7 million
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.15
|
| Warrants: | For 20 million shares
|
| Warrant strike price: | $0.35
|
| Agent: | HPC Capital Management Corp.
|
| Investor: | Vision Master Fund, Ltd.
|
| Announcement date: | Dec. 7
|
| Settlement date: | Dec. 5 (for $1 million), every 30 days thereafter
|
| Stock symbol: | OTCBB: FDRA
|
| Stock price: | $0.11 at close Dec. 6
|
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