Rosi Kahane to invest in company through 13.5% convertible loan
By Devika Patel
Knoxville, Tenn., Sept. 16 - Image Metrics, Inc. arranged a convertible loan financing for up to $2.6 million on Sept. 9, according to an 8-K filed Thursday with the Securities and Exchange Commission. The loan was negotiated with Rosi Kahane and matures on Jan. 31, 2011.
The loan will carry a 13.5% coupon and is convertible into common stock at a conversion price of $1.00 per share. The conversion price is a 39.02% discount to the Sept. 8 closing share price of $1.64.
Borrowings will be secured by a first priority lien on all of the company's assets, including the assets of its principal operating subsidiary, and a cross-guarantee by that subsidiary.
As of Sept. 9, the company has drawn down $1.1 million under the agreement.
Proceeds will be used for general working capital requirements.
Based in Santa Monica, Calif., Image Metrics provides facial animation software and services to the interactive entertainment and film industries.
| Issuer: | Image Metrics, Inc.
|
| Issue: | Convertible loan
|
| Amount: | $2.6 million
|
| Maturity: | Jan. 31, 2011
|
| Coupon: | 13.5%
|
| Price: | Par
|
| Yield: | 13.5%
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Investor: | Rosi Kahane
|
| Settlement date: | Sept. 9 (for $1.1 million)
|
| Stock symbol: | OTCBB: IMGXE
|
| Stock price: | $1.64 at close Sept. 9
|
| Market capitalization: | $26.03 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
