8% note due Aug. 22, 2015 sold to Red Oak Partners to finance merger
By Devika Patel
Knoxville, Tenn., Aug. 27 - Issuer Direct Corp. sold a $2.5 million convertible secured promissory note to Red Oak Partners LP on Aug. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note is due on Aug. 22, 2015 and is initially convertible into common shares at $3.99 per share, a 51.64% discount to the Aug. 21 closing share price of $8.25.
Proceeds were used to fund the merger of the company's subsidiary, ISDR Acquisition Corp., into PrecisionIR Group Inc.
The Morrisville, N.C., company provides disclosure management solutions and cloud-based compliance technologies.
| Issuer: | Issuer Direct Corp.
|
| Issue: | Convertible secured promissory note
|
| Amount: | $2.5 million
|
| Maturity: | Aug. 22, 2015
|
| Coupon: | 8%
|
| Conversion price: | $3.99
|
| Warrants: | No
|
| Investor: | Red Oak Partners LP
|
| Settlement date: | Aug. 22
|
| Stock symbol: | OTCBB: ISDR
|
| Stock price: | $8.25 at close Aug. 21
|
| Market capitalization: | $15.52 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
