By Laura Lutz
Des Moines, Sept. 28 - Manaris Corp. raised $4 million from a private placement a discount convertible senior secured note and warrants for up to 20,276,190 shares, according to an 8-K filing with the Securities and Exchange Commission.
Imperium Master Fund is the investor.
The note will accrete in value until Sept. 24, 2009 at the rate of 8.5% per year, resulting in a final face value of $4,708,900.
After the accretion period, the note will bear interest at 6% per year.
Beginning Sept. 24, 2009, the note will amortize in 36 equal monthly payments.
The note will mature on Sept. 24, 2012, and the initial principal amount of the note will be convertible at $0.11 per share.
The warrants will be exercisable at $0.11 per share for five years.
Imperium also provided up to $2.5 million to Manaris in a revolving working capital drawdown facility, according to the 8-K. For each drawdown, Manaris will issue a working capital note. The length and interest rate of the working capital notes has not been determined.
Manaris is a Montreal-based holding company for Avensys Inc. and C-Chip Technologies Corp.
Issuer: | Manaris Corp.
|
Issue: | Discount convertible senior secured note
|
Principal amount: | $4,708,900
|
Proceeds: | $4 million
|
Maturity: | Sept. 24, 2012
|
Coupon: | 6%
|
Price: | 85
|
Conversion price: | $0.11
|
Warrants: | For 20,276,190 shares
|
Warrant expiration: | Five years
|
Warrant strike price: | $0.11
|
Investor: | Imperium Master Fund
|
Pricing date: | Sept. 24
|
Stock symbol: | OTCBB: MANS
|
Stock price: | $0.09 at close Sept. 24
|
© 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.