By Sheri Kasprzak
New York, April 28 - HyperSpace Communications, Inc. said it has concluded a $5 million private placement of convertible debentures.
The debentures, purchased by Toibb Investment LLC and Crestview Capital Master, LLC, bear interest at 10% annually and are convertible into common shares at $3.12 each.
The debentures are due the earlier of July 24, 2006 or upon HyperSpace's completion of an equity financing of at least $20 million.
The investors received warrants for 1.37 million shares, exercisable at $3.12 each for five years.
Denver-based HyperSpace develops internet technology hardware for mid-sized businesses, government agencies and education organizations.
| Issuer: | HyperSpace Communications, Inc.
|
| Issue: | Convertible debentures
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| Amount: | $5 million
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| Maturity: | July 24, 2006
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $3.12
|
| Warrants: | For 1.37 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.12
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| Investors: | Toibb Investment LLC and Crestview Capital Master, LLC
|
| Settlement date: | April 24
|
| Stock symbol: | Amex: HCO
|
| Stock price: | $3.12 at close April 24
|
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