By Devika Patel
Knoxville, Tenn., Oct. 5 - Innovative Card Technologies, Inc. said it completed a $1.2 million private placement of amortizing convertible debentures. The company also said it has restructured $13.5 million in debt.
The notes are convertible into common shares at $0.25 per share.
Investors also received warrants for 2,254,642 common shares, which are exercisable at $0.25.
T.R. Winston & Co. was the agent.
Based in Los Angeles, Innovative Card develops and markets secure powered cards for payment, identification, physical and logical access applications.
| Issuer: | Innovative Card Technologies, Inc.
|
| Issue: | Amortizing convertible debentures
|
| Amount: | $1.2 million
|
| Price: | Par
|
| Conversion price: | $0.25
|
| Warrants: | For 2,254,642 shares
|
| Warrant strike price: | $0.25
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| Agent: | T.R. Winston & Co.
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| Settlement date: | Oct. 5
|
| Stock symbol: | OTCBB: INVC
|
| Stock price: | $0.45 at close Oct. 2
|
| Market capitalization: | $10.5 million
|
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