New Issue: Infinium Labs raises $1.16 million in private placement of debentures

By Sheri Kasprzak

Atlanta, Jan. 5 - Infinium Labs Inc. said it received $1.16 million in a private placement of debentures.

The company issued series 04-02 convertible debentures in the offering. The debentures bear interest at 8% annually and mature Dec. 16, 2005.

The debentures are convertible into common shares at a price equal to 75% of the lowest closing price during the five trading days ending before the conversion date. The price may not be more than $0.10.

Investors in the offering also received class A warrants for 5,437,487 shares at $0.10 each, class B warrants for 5,437,487 shares at $0.75 each and class C warrants for 5,437,487 shares at $1 each. The warrants expire Dec. 31, 2009.

Infinium is a Sarasota, Fla.-based company that produces video game consoles.

Issuer:	Infinium Labs Inc.
Issue:	Series 04-02 convertible debentures
Amount:	$1.16 million
Maturity:	Dec. 16, 2005
Coupon:	8%
Price:	Par
Yield:	8%
Conversion price:	$0.10 (ceiling) or 75% of the lowest closing price five days before conversion
Warrants:	5,437,487 class A warrants; 5,437,487 class B warrants; 5,437,487 class C warrants
Warrant expiration:	Dec. 31, 2009
Warrant strike price:	$0.10 for class A, $0.75 for class B, $1.00 each for class C
Settlement date:	Dec. 16
Stock price:	$0.24 at close Dec. 16

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