By Laura Lutz
Des Moines, May 25 - Impart Media Group, Inc. negotiated a private placement of unsecured convertible debentures for $2.1 million.
The 6% debentures will mature in two years. They have an initial conversion price of $0.75 per share.
The debentures may be prepaid at any time at 175% of par plus accrued interest. If the company's trading volume exceeds $100,000 for 20 consecutive trading days, the debentures may be redeemed for par.
Investors will also receive warrants for 1.4 million shares, exercisable for five years at an initial exercise price of $0.52 per share.
Settlement is expected by May 29.
Impart Media is a digital signage company based in Seattle.
| Issuer: | Impart Media Group, Inc.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | $2.1 million
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.75
|
| Warrants: | For 1.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.52
|
| Pricing date: | May 24
|
| Stock symbol: | OTCBB: IMMG
|
| Stock price: | $0.60 at close May 25
|
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