Five-year 1.2% convertible debentures sold with 100% warrant coverage
By Devika Patel
Knoxville, Tenn., March 31 - Infinity Augmented Reality, Inc. settled a $1 million private placement of series A-14 convertible debentures with Genesis Angels Fund, LP on March 26, according to an 8-K filed Monday with the Securities and Exchange Commission. Credit Strategies, LLC will invest $1.5 million on similar terms.
The 1.2% debentures are initially convertible into common shares at $0.25 per share and due in five years.
The investors also will receive 100% warrant coverage. The warrants are each exercisable at $0.50 for five years.
The strike price and conversion price are 8.7% and 117.39% premiums to the March 25 closing share price of $0.23.
The New York company's Augmented Reality Software enables viewing of the real world, overlayed with digital images, sound, video and information and is accessible using a screen, smartphone, tablet, digital glasses and other hardware.
| Issuer: | Infinity Augmented Reality, Inc.
|
| Issue: | Series A-14 convertible debentures
|
| Amount: | $2.5 million
|
| Maturity: | Five years
|
| Coupon: | 1.2%
|
| Conversion price: | $0.25
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
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| Investors: | Genesis Angels Fund, LP (for $1 million), Credit Strategies, LLC (for $1.5 million)
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| Settlement date: | March 26 (for $1 million)
|
| Stock symbol: | OTCBB: ALSO
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| Stock price: | $0.23 at close March 25
|
| Market capitalization: | $24.34 million
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