Units consist of a $25,000 6% convertible, warrants for 166,667 shares
By Devika Patel
Knoxville, Tenn., July 9 – Naked Brand Group Inc. said it raised another $1.15 million in the second and final tranche of a $7.31 million oversubscribed private placement of convertibles, which were sold in units. The deal raised $6.16 million on June 10.
The company sold 292 units at $25,000 apiece, with about 246 units sold in the first tranche. 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
|
| Amount: | $7,309,832
|
| Units: | 292
|
| Price: | $25,000
|
| Maturity: | June 10, 2017
|
| Coupon: | 6%
|
| Conversion price: | $0.075
|
| Warrants: | One warrant for 166,667 shares per unit
|
| Warrant expiration: | June 10, 2019
|
| Warrant strike price: | $0.15
|
| Settlement dates: | June 10 (for $6,159,482), July 9 (for $1,150,350)
|
| Stock symbol: | OTCBB: NAKD
|
| Stock price: | $0.13 at close June 9
|
| Market capitalization: | $5.09 million
|
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