By Sheri Kasprzak
New York, Feb. 6 - Navstar Media Holdings, Inc. said it concluded a $1 million private placement of convertible debt.
The company issued 40 units of $25,000 in debentures, 5,000 common shares and warrants for 25,000 shares.
The 8% debentures mature in July and are convertible into shares at the lesser of $1.00 or 75% of the average of the five consecutive closing stock prices immediately before conversion, with a $0.50 floor.
Each warrant is exercisable at the lesser of $1.25 each for four years.
vFinance Investments, Inc. was the placement agent.
Proceeds will be used for a capital infusion for subsidiary the Dong Fang Group and for working capital.
New York-based Navstar is a content production, licensing and distribution company.
| Issuer: | Navstar Media Holdings, Inc.
|
| Issue: | Units of $25,000 in convertible debentures, 5,000 shares, warrants for 25,000 shares
|
| Amount: | $1 million
|
| Maturity: | July
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | The lesser of $1.00 or 75% of the average of the five consecutive closing stock prices immediately before conversion
|
| Warrants: | For 25,000 shares per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.25
|
| Placement agent: | vFinance Investments, Inc.
|
| Settlement date: | Jan. 31
|
| Announcement date: | Feb. 6
|
| Stock symbol: | OTCBB: NVMH
|
| Stock price: | $1.50 at close Feb. 6
|
|
|
© 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.
