By Devika Patel
Knoxville, Tenn., July 7 - Lightning Poker, Inc. negotiated a $4 million loan with SIG Strategic Investments, LLLP and Co-Investment Fund II, LP on June 30, according to an 8-K filed Monday with the Securities and Exchange Commission by parent company Lightning Gaming, Inc.
The loan will bear interest at 8% per year and will mature on June 30, 2011, subject to acceleration under certain circumstances.
SIG and Co-Investment Fund also received a warrant for 1 million common shares, exercisable at $2.00 for five years.
Proceeds will be used for working capital purposes.
Boothwyn, Pa.-based Lightning Poker is a private company that designs, develops and markets a fully automated electronic poker table and related systems.
| Issuer: | Lightning Poker, Inc.
|
| Issue: | Loan
|
| Amount: | $4 million
|
| Maturity: | June 30, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Investors: | SIG Strategic Investments, LLLP and Co-Investment Fund II, LP
|
| Settlement date: | June 30
|
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