Company sells 10% 18-month secured convertible debentures in offering
By Devika Patel
Knoxville, Tenn., Sept. 4 - Future Healthcare of America arranged a $1.01 million private placement of senior secured convertible debentures on Aug. 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The debentures mature in 18 months and may be prepaid. The notes are convertible into common shares at $0.25 per share, which is a 92.31% premium to the Aug. 29 closing share price of $0.13. Interest is equal to 8% in the first year and 10% in the final six months.
Investors also will receive warrants for 3.03 million shares, which are each exercisable at $0.50 for four years. The strike price is a 284.62% premium to the Aug. 29 closing price.
Settlement is expected Sept. 9.
The healthcare services provider is based in Pittsburgh.
| Issuer: | Future Healthcare of America
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $1.01 million
|
| Maturity: | 18 months
|
| Coupon: | 8% in the first year, 10% in the final six months
|
| Conversion price: | $0.25
|
| Call: | Yes
|
| Warrants: | For 3.03 million shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.50
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 9
|
| Stock symbol: | OTCBB: FUTU
|
| Stock price: | $0.13 at close Aug. 29
|
| Market capitalization: | $1.51 million
|
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