Units consist of a $25,000 6% convertible, warrants for 166,667 shares
By Devika Patel
Knoxville, Tenn., June 10 – Naked Brand Group Inc. said it raised $6.16 million in a private placement of convertibles, which were sold in units.
The company sold about 246 units at $25,000 apiece. Each unit consists of a $25,000 6% convertible senior secured debenture and a warrant for 166,667 shares.
The debenture is due June 10, 2017 and is convertible into common shares at $0.075 per share.
Each warrant is initially exercisable at $0.15 until June 10, 2017. The strike price is a 15.39% premium to the June 9 closing share price of $0.13. The $0.075 conversion price is a 42.31% discount to that price.
Proceeds will be used for marketing and new product development and design, as well as general working capital requirements.
The men’s undergarment manufacturer is based in Abbotsford, B.C.
| Issuer: | Naked Brand Group Inc.
|
| Issue: | Units of a $25,000 convertible senior secured debenture and a warrant for 166,667 shares
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| Amount: | $6,159,482
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| Units: | 246 (approximate)
|
| Price: | $25,000
|
| Maturity: | June 10, 2017
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| Coupon: | 6%
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| Conversion price: | $0.075
|
| Warrants: | One warrant for 166,667 shares per unit
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| Warrant expiration: | June 10, 2019
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| Warrant strike price: | $0.15
|
| Settlement date: | June 10
|
| Stock symbol: | OTCBB: NAKD
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| Stock price: | $0.13 at close June 9
|
| Market capitalization: | $3.38 million
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