By Devika Patel
Knoxville, Tenn., Jan. 27 - My Screen Mobile, Inc. sold $2 million of 5% unsecured convertible debentures to Global Financial Enterprises, LLC on Dec. 16 as part of a $5 million private placement, according to a Form D and 8-K filed Wednesday with the Securities and Exchange Commission.
The two-year debentures are initially convertible into common stock at $1.05 per share.
The investor will also receive 100% warrant coverage and up to 1 million additional shares, plus warrants equal to 3.5% of the proceeds from each closing. The warrants are each exercisable at $1.50 for four years. The investor received 1,974,762 warrants and 750,000 shares in this tranche.
Based in Toronto, My Screen Mobile offers ads on mobile telephones.
| Issuer: | My Screen Mobile, Inc.
|
| Issue: | Unsecured convertible debentures, up to 1 million common shares
|
| Amount: | $5 million
|
| Maturity: | Dec. 16, 2012
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | $1.05
|
| Warrants: | 100% coverage, plus 3.5%
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.50
|
| Investor: | Global Financial Enterprises, LLC
|
| Settlement date: | Dec. 16 (for $2 million)
|
| Stock symbol: | OTCBB: LFVN
|
| Stock price: | $0.30 at close Jan. 20
|
| Market capitalization: | $18.8 million
|
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