By Sheri Kasprzak
New York, Jan. 5 - FTS Group, Inc. completed a private placement of $1,896,551 in secured convertible promissory notes for proceeds of $1,820,690.
The zero-coupon notes were priced at 96, or a 21% discount, and sold to Alpha Capital AG; Bristol Investment Fund, Ltd.; Capital Fund Ltd.; Ellis International Ltd.; Omega Capital Small Cap Fund; CMS Capital; and Vertical Ventures.
The notes mature in March 2007 and are convertible into common shares at $0.04 each.
The investors also received 100 class A warrants for every 100 shares issuable upon conversion and 50 class B warrants for every 100 shares issuable upon conversion.
The class A warrants are exercisable at $0.02868 each for four years. The class B warrants are exercisable at $0.0239 each for four months after a registration statement is declared effective.
Based in Tampa, Fla., FTS is the holding company of FTS Wireless, Inc., a company that operates retail wireless communications outlets.
| Issuer: | FTS Group, Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $1,896,551
|
| Proceeds: | $1,820,690
|
| Maturity: | March 2007
|
| Coupon: | 0%
|
| Price: | 96
|
| Conversion price: | $0.04
|
| Warrants: | 100 class A warrants per 100 shares issuable upon conversion; 50 class B warrants per 100 shares issuable upon conversion
|
| Warrant expiration: | Four years for class A; four months after registration statement is declared effective for class B
|
| Warrant strike price: | $0.02868 for class A; $0.0239 for class B
|
| Investors: | Alpha Capital AG; Bristol Investment Fund, Ltd.; Capital Fund Ltd.; Ellis International Ltd.; Omega Capital Small Cap Fund; CMS Capital; and Vertical Ventures
|
| Settlement date: | Dec. 29
|
| Stock price: | $0.03 at close Dec. 29
|
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