By Sheri Kasprzak
New York, May 9 - Innuity, Inc. settled a $2 million private placement of senior secured notes with warrants.
Imperium Master Fund, Ltd. bought the 15% notes, which are due May 3, 2008.
The notes include warrants for 1.128 million shares, exercisable at $0.01 each for three years.
Proceeds will be used to recall 7.4 million shares issued to Antares Trading Mercatech Fund, SA. The shares were issued through a restricted equity purchase agreement with Mercatus & Partners, Ltd.
Located in Redmond, Wash., Innuity designs, acquires and integrates software applications for small businesses.
| Issuer: | Innuity, Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $2 million
|
| Maturity: | May 3, 2008
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | For 1.128 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.01
|
| Investor: | Imperium Master Fund, Ltd.
|
| Settlement date: | May 3
|
| Stock symbol: | OTCBB: INNU
|
| Stock price: | $0.23 at close May 3
|
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