By Sheri Kasprzak
Atlanta, April 20 - Multimedia Nova Corp. said it has raised $4 million in a private placement.
The company sold a secured convertible note to a New York-based institutional investor.
The note matures April 28, 2010; bears interest at Prime rate plus 200 basis points and is convertible into class A subordinated voting shares at $8.00 each.
Based in Toronto, Multimedia is a media company with newspaper interests, including a newspaper based in Italy. The proceeds will be used to repay credit facilities, term loans and other debt. The remainder will be used for working capital and potential acquisitions.
| Issuer: | Multimedia Nova Corp.
|
| Issue: | Secured convertible note
|
| Amount: | $4 million
|
| Maturity: | April 28, 2010
|
| Coupon: | Prime rate plus 200 basis points
|
| Conversion price: | $8.00
|
| Warrants: | No
|
| Settlement date: | April 20
|
| Stock price: | $0.15 at close April 12 (last trade)
|
|
|
© 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.
