By Sheri Kasprzak
New York, July 11 - Language Access Network, Inc. settled a $1 million private placement of convertible promissory notes.
The 10% notes are due in three years and are convertible into common shares at $1.10 each.
The company intends to raise up to $4 million in the offering in four separate closings.
The notes may be prepaid at any time without penalty.
Proceeds will be used for working capital.
Based in Columbus, Ohio, Language Access provides language interpretation services.
| Issuer: | Language Access Network, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.10
|
| Call: | May be prepaid any time without penalty
|
| Warrants: | No
|
| Settlement date: | July 2
|
| Stock symbol: | Pink Sheets: LANW
|
| Stock price: | $2.73 at close July 2
|
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