By Sheri Kasprzak
New York, Aug. 11 - Morgan Beaumont, Inc. revealed the particulars of its previously announced $3 million private placement.
The company issued senior secured convertible notes due Feb. 2, 2007. The 9% notes are convertible into common shares at $0.25 each. If the notes are not converted or repaid by Feb. 2, 2007, the notes will be convertible at $0.05 per share.
The investor received warrants equal to four shares per $0.25 in principal of the notes issued. The warrants are exercisable at $0.25 each for five years.
An existing loan in principal of $1.1 million was added to the principal of the most recent noes.
Based in Bradenton, Fla., Morgan Beaumont provides technologies to the pre-paid and stored value card markets.
| Issuer: | Morgan Beaumont, Inc.
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| Issue: | Senior secured convertible notes
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| Amount: | $3 million
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| Maturity: | Feb. 2, 2007
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| Coupon: | 9%
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| Price: | Par
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| Yield: | 9%
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| Conversion price: | $0.25
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| Warrants: | Equal to four shares per $0.25 in principal
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.25
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| Settlement date: | Aug. 2
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| Stock symbol: | OTCBB: MBEU
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| Stock price: | $0.29 at close Aug. 2
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