FreeHand amends note sold in private placement

By Devika Patel

Knoxville, Tenn., Jan. 12 - FreeHand Systems International, Inc. amended the terms of a $1.5 million note it sold to Vision Opportunity Master Fund Ltd., according to an 8-K filed Monday with the Securities and Exchange Commission.

Under the amendment, the maturity date of the note was extended to April 1, 2010 from April 1, 2009.

The warrants sold in the deal were amended as well. The warrants' strike price was reduced to $0.01 per share from $0.65 per share.

Vision also received additional warrants for 5 million common shares. They have a seven-year term and are exercisable at $0.01.

FreeHand, based in Los Altos, Calif., is the developer and manufacturer of the MusicPad Pro Plus, a digital sheet music tablet.

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