By Sheri Kasprzak
Atlanta, June 29 - IA Global Inc. said it has received agreements for a $3.75 million private placement of convertible debentures
The debentures were sold to 34 private Japanese investors.
The debentures mature June 28, 2008, bear interest at 7.5% annually and are convertible into a total of 12.5 million common shares at $0.30 each. The debentures will automatically convert into common shares on June 28, 2008 at a 25% discount to the five-day trailing stock price that day.
The proceeds will be used to form IAO Japan, a subsidiary of IAO. The remainder will be used for the company's merger and acquisition strategy and for general corporate purposes.
The deal is expected to close July 25.
Based in Burlingame, Calif., IA Global acquires Japanese companies focused on gaming, entertainment and technology.
| Issuer: | IA Global Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $3.75 million
|
| Maturity: | June 28, 2008 (Automatic conversion at 25% discount to five-day trailing price at maturity)
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Conversion price: | $0.30
|
| Conversion ratio: | Into 12.5 million common shares
|
| Warrants: | No
|
| Announcement date: | June 29
|
| Settlement date: | July 25
|
| Stock price: | $0.20 at close June 28
|
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