By Devika Patel
Knoxville, Tenn., July 24 - MacroSolve, Inc. will raise $2.2 million in a private placement of convertible debentures, according to an 8-K filed Friday with the Securities and Exchange Commission. The company has already raised approximately $850,000.
The debentures mature July 31, 2014 and are convertible into common stock at $0.10 per share. They bear interest at Prime rate plus 500 basis points.
Proceeds are earmarked for further growth initiatives including launching and marketing new products for the growing mobile business solutions market, as well as to fund general operating expenses.
MacroSolve is a Tulsa, Okla.-based provider of mobile data and mobile video business solutions.
| Issuer: | MacroSolve, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2,201,165
|
| Maturity: | July 31, 2014
|
| Coupon: | Prime plus 500 bps
|
| Price: | Par
|
| Yield: | Prime plus 500 bps
|
| Conversion price: | $0.10
|
| Warrants: | No
|
| Pricing date: | July 24
|
| Settlement date: | July 24 (for approximately $850,000)
|
| Stock symbol: | OTCBB: MCVE
|
| Stock price: | $0.23 at close July 23
|
| Market capitalization: | $6.21 million
|
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