By Sheri Kasprzak
New York, June 1 - Innofone.com, Inc. repaid $2,635,400 in outstanding notes to a group of institutional investors and restructured the remaining $1.2 million with new notes.
The new notes, issued to existing holders AJW Partners, LLC; New Millennium Capital Partners II, LLC; AJW Offshore, Ltd.; and AJW Qualified Partners, LLC, are due in one year.
The coupon of the notes could not be determined by Thursday evening.
The investors also received warrants for 750,000 shares, exercisable for five years at $1.79 each.
In other news, Innofone entered into an agreement for a $4 million equity offering of 3,478,260 shares at $1.15 each from Lawrence Hughes. Hughes will also receive warrants for 400,000 shares, exercisable at 80% of the five average trading prices of the company's stock.
Based in Santa Monica, Calif., Innofone.com provides wireless and internet-based telecommunications products.
| Issuer: | Innofone.com, Inc.
|
| Issue: | Notes
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| Amount: | $1.2 million
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| Maturity: | One year
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| Warrants: | For 750,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.79
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| Investors: | AJW Partners, LLC; New Millennium Capital Partners II, LLC; AJW Offshore, Ltd.; and AJW Qualified Partners, LLC
|
| Settlement date: | May 25
|
| Stock symbol: | OTCBB: INFN
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| Stock price: | $1.11 at close May 25
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