By Sheri Kasprzak
New York, Nov. 22 - id-Confirm, Inc. said it has concluded a $710,000 second tranche of its previously announced private placement, bringing the total proceeds to $3,664,380.
The company issued zero-coupon convertible debentures to a group of institutional investors.
The two-year debentures are convertible into a total of 1,183,333 common shares at $0.60 each.
The investors also received warrants for 1,175,496 shares, exercisable at $0.65 each for five years and warrants for 1,175,496 shares, exercisable at $0.60 each for the earlier of 12 months after the registration statement is effective or five years.
JPC Capital Partners, Inc. was the placement agent.
id-Confirm closed the first tranche of the deal for $2,954,380 on Nov. 14.
Denver-based id-Confirm makes biometric devices used to prevent fraud and identify theft.
| Issuer: | id-Confirm, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $710,000
|
| Maturity: | Two years
|
| Coupon: | 0%
|
| Conversion price: | $0.60
|
| Conversion ratio: | Into 1,183,333 shares
|
| Warrants: | For 2,350,992 shares
|
| Warrant expiration: | Five years for half; the earlier of 12 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. 22
|
| Stock price: | $0.495 at close Nov. 22
|
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