Microsmart Devices completes $42,000 private placement of convertibles

Company sells 5% notes to Zentar Securities; notes convert at $0.05

By Devika Patel

Knoxville, Tenn., Aug. 1 - Microsmart Devices, Inc. sold $42,000 of 5% convertible promissory notes to Zentar Securities Ltd., raising $12,000 on Nov. 8, 2011 and $30,000 on April 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The notes are convertible into 840,000 common shares at $0.05 per share, a 91.67% discount to the July 31 closing share price of $0.60.

The convertibles are due on Dec. 31, 2013. The principal may be paid in kind.

The Litchfield, Conn., company designs and sells women's and girl's apparel.

Issuer:	Microsmart Devices, Inc
Issue:	Convertible promissory notes
Amount:	$42,000
Maturity:	Dec. 31, 2013
Coupon:	5%
Conversion price:	$0.05
Conversion ratio:	Into 840,000 shares
Warrants:	No
Investor:	Zentar Securities Ltd.
Announcement date:	Aug. 1
Settlement dates:	Nov. 8, 2011 (for $12,000), April 2 (for $30,000)
Stock symbol:	OTCBB: MCMV
Stock price:	$0.60 at close July 31
Market capitalization:	$1.17 million

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