18-month notes were sold along with warrants for 300,000 common shares
By Devika Patel
Knoxville, Tenn., Aug. 30 - Microlog Delaware Corp. said it settled a $300,000 private placement of 18-month convertible promissory notes.
The 9% notes convert to common stock at $0.12 per share, which is a 9.09% premium to the Aug. 29 closing share price of $0.11.
The investors also received warrants for 300,000 shares. The warrants are each exercisable at $0.12, which is also a 9.09% premium to the Aug. 29 closing share price.
The communications software company is based in Bethesda, Md.
| Issuer: | Microlog Delaware Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $300,000
|
| Maturity: | 18 months
|
| Coupon: | 9%
|
| Conversion price: | $0.12
|
| Warrants: | For 300,000 shares
|
| Warrant strike price: | $0.12
|
| Settlement date: | Aug. 30
|
| Stock symbol: | OTCBB: MLOG
|
| Stock price: | $0.11 at close Aug. 29
|
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