By Sheri Kasprzak
New York, Nov. 15 - After rescinding two agreements with investors from its previously closed $2,890,476 private placement of convertible debentures, id-Confirm, Inc. completed a private placement for $2,954,380.
Two investors cancelled their agreements and had a total of $1.42 million returned.
Seven other investors bought $2,954,380 in the two-year debentures, which are convertible into a total of 4,923,968 common shares at $0.60 each. The debentures do not bear interest.
The investors also received long-term warrants for 4,891,359 shares, exercisable at $0.65 each for five years and short-term warrants for 4,891,359 shares, exercisable at $0.60 each through the earlier of a year after a registration statement is declared effective or five years.
JPC Capital Partners, Inc. was the placement agent.
The offering was first completed Oct. 27 when a group of institutional investors bought $2,890,476 of the debentures under the same terms.
Denver-based id-Confirm makes biometric devices used to prevent fraud and identify theft.
| Issuer: | id-Confirm, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2,954,380
|
| Maturity: | Two years
|
| Coupon: | 0%
|
| Conversion price: | $0.60
|
| Conversion ratio: | Into 4,923,968 common shares
|
| Warrants: | For 9,782,718 shares
|
| Warrant expiration: | Five years for half; the earlier of six months from effective date of registration statement or five years for half
|
| Warrant strike price: | $0.65 for half; $0.60 for half
|
| Placement agent: | JPC Capital Partners, Inc.
|
| Settlement date: | Nov. 14
|
| Stock price: | $0.56 at close Nov. 14
|
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